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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Prn.8
Transcribed Image Text:Alex and Addison are married and have the following income items:
Alex's salary
Addison's Schedule C net profit
Interest income
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
$ 68,500
43,500
1,100
Amount
$ 110,027
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