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Calculate tax due for the year

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Reference no: EM132547924

Question - Harry is a US taxpayer. Accounts for the financial year 2019 reveal the following:

$

Sales 360'800

COGS 220'700

General & administrative expenses 46'200

Sales return 32'500

Personal exemption 5'800

Standard deduction 7'200

Itemized deductions 3'800

Prepaid income taxes 1'650

Tax rates: 1-20'000: 10%; 20'001-100'000: 25%

Required - Calculate tax due (refund) for the year 2019.

Reference no: EM132547924

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