Byron, 54, Is a Single, Self-Employed, Carpenter

question 120

Essay

Byron, 54, is a single, self-employed, carpenter. During 2014, he earns gross revenues of $60,000 and incurs $6,000 of business expenses. His itemized deductions for the year are $8,000. Determine Byron's taxable income and his total tax liability.

---

Definitions:

Accommodation

In psychology, the process by which individuals adjust their mental frameworks to incorporate new information; in eyesight, the eye's ability to focus on objects at various distances.

Assimilation

The cognitive process by which individuals integrate new information into their existing knowledge structures or schemas.

Egocentrism

A cognitive trait where an individual fails to understand that other people can have different perspectives and viewpoints from their own.

Cognitive Development

The process by which individuals acquire and evolve in their problem-solving abilities, memory, language, and understanding of the world.