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Determine philip taxable income and his total tax liability

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Question - Philip, 27, is a single self-employed plumbing contractor. During the year, he earns gross revenues of $49,000 and incurs $6,000 of business expenses. His itemized deductions for the year are $7,000. Determine Philip's taxable income and his total tax liability (Self-employment and regular tax.)

Reference no: EM132070409

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