Alex and Addison are married and have the following income items: Alex's salary Addison's Schedule C net profit Interest income $68,500 43,500 1,100 Addison's self-employment tax was $6,146. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $9,870 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. AGI Taxable Income Income Tax Amount $ 110,027
Alex and Addison are married and have the following income items: Alex's salary Addison's Schedule C net profit Interest income $68,500 43,500 1,100 Addison's self-employment tax was $6,146. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $9,870 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. AGI Taxable Income Income Tax Amount $ 110,027
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter6: Losses And Loss Limitations
Section: Chapter Questions
Problem 40P
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