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Calculate the taxable income for the ic and for the employee

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Reference no: EM131770868

Both an IC and an employee receive gross compensation of $50K. Neither have any other sources of income or deduction. They are both single w/ 1 personal exemption. They both incur ordinary and necessary business expenses of $12K.

Please calculate the taxable income for the IC and for the employee. Please provide a break-down/rationale for your conclusion.

Reference no: EM131770868

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