Boyd, 54, is a single, self-employed,carpenter. During 2010, he earns gross revenues of $49,000 and incurs $6,000 of business expenses. His itemized deductions for the year are $80,000. Determine Boyd’s taxable income and his total tax liability.

Question: Boyd, 54, is a single, self-employed, carpenter. During 2010, he earns gross revenues of$49,000 and incurs $6,000 of business expenses. His itemized deductions for the year are$80,000….