Alex and Addison are married and have the following income items: Alex's salary Addison's Schedule C net profit Interest income $ 52,500 41,800 1,300 Addison's self-employment tax was $5,906. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $8,070 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. AGI Taxable Income Income Tax Amount $ 92,647 $ 66,747 $ 7,599
Alex and Addison are married and have the following income items: Alex's salary Addison's Schedule C net profit Interest income $ 52,500 41,800 1,300 Addison's self-employment tax was $5,906. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $8,070 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. AGI Taxable Income Income Tax Amount $ 92,647 $ 66,747 $ 7,599
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 64P: Leroy and Amanda are married and have three dependent children. During the current year, they have...
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Transcribed Image Text:Alex and Addison are married and have the following income items:
$ 52,500
41,800
1,300
Alex's salary
Addison's Schedule C net profit
Interest income
Addison's self-employment tax was $5,906. Addison's Schedule C net business profit is qualified business
6 income (non-service). The couple have $8,070 itemized deductions and no children or other dependents.
Required:
Compute their income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate
Schedules and Standard Deduction Table.
Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
Answer is complete but not entirely correct.
AGI
Taxable Income
Income Tax
Amount
$ 92,647
$ 66,747
$ 7,599
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ISBN:
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Author:
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Publisher:
CENGAGE LEARNING - CONSIGNMENT