Multiple Choice
Jordan is the sole proprietor of Adams Company that reported net income of $57,000 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 taxable income for the year?
A) $68,000
B) $57,000
C) $14,250
D) $11,000
Correct Answer:
Verified
Correct Answer:
Verified
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