LBC inc. (a C corp) has a net operating loss of ($35,000) fo…

LBC inc. (a C corp) has a net operating loss of ($35,000) for 2021. LBC reported the following taxable income (before any net operating loss deductions) in the subsequent years: 2022 $15,000 2023 $13,500 2024 $8,000 2025 $22,500 What is LBC’s Taxable Income (after applying the carryforward of the NOL) in 2024? 

LBC inc. (a C corp) has a net operating loss of ($35,000) fo…

LBC inc. (a C corp) has a net operating loss of ($35,000) for 2021. LBC reported the following taxable income (before any net operating loss deductions) in the subsequent years: 2022 $15,000 2023 $13,500 2024 $8,000 2025 $22,500 What amount of the NOL will be used in 2025?

Chris is single. During 2024, he had $75,000 in wages, $10,0…

Chris is single. During 2024, he had $75,000 in wages, $10,000 in net capital loss, $20,500 net income from his carpentry business (qualified business), $1,448 of deductible self-employment tax (i.e., half of the total self-employment tax) and $13,000 of itemized deductions. What is Chris’s 2024 Adjusted Gross Income?

In 2024, Chris has $400,000 of total income with $100,000 of…

In 2024, Chris has $400,000 of total income with $100,000 of Federal income taxes and $10,000 of state income taxes withheld. Included in the total income is $6,000 of qualified dividends. Chris is a single taxpayer and takes the standard deduction. How much tax will Chris owe or how much (refund) will Chris receive for 2024 (rounded to the nearest dollar)?

Kabuo and Melinda got married on January 15, 2024. Kabuo’s s…

Kabuo and Melinda got married on January 15, 2024. Kabuo’s salary for the year was $57,000, and Melinda’s was $65,000. In addition, Kabuo did some accounting work for his friend in exchange for his friend painting his house. The exchanged services were valued at $3,000. Melinda received $11,000 of alimony from a former spouse (the divorce agreement with her former spouse was signed in 2015 and was never modified thereafter). If Kabuo and Melinda choose to file jointly, what is their 2024 adjusted gross income?