Jordan is the sole proprietor of Adams Company that reported $70,000 of income and $13,000 of expenses for the year.During the year he withdrew $11,000 from the business for personal use.Jordan is in the 24% marginal tax bracket.How much income from the above must Jordan include in his gross income for the year?
A)$68,000
B)$57,000
C)$14,250
D)$11,000

Question

Quizplus · Accepted Answer

The Answer of Jordan is the sole proprietor of Adams Company that reported $70,000 of income and $13,000 of expenses for the year.During the year he withdrew $11,000 from the business for personal use.Jordan is in the 24% marginal tax bracket.How much income from the above must Jordan include in his gross income for the year?
A)$68,000
B)$57,000
C)$14,250
D)$11,000

Jordan Is the Sole Proprietor of Adams Company That Reported