Alex and Addison are married and have the following income items:Alex's salaryAddison's Schedule C net profitInterest income$ 52,75033,0001,700Addison's self-employment tax was $4,663. Addison's Schedule C net business profit is qualified business income (non-service). Thecouple have $8,870 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 StandardDeduction Table.Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.Answer is complete but not entirely correct.AGITaxable IncomeIncome Tax$$$Amount85,11852,618 X5,903 X

Taxable income is the base income upon which tax is levied. It includes some or all items of…

Answered: Alex and Addison are married a

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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