Alex and Addison are married and have the following income items: Alex's salary Addison's Schedule C net profit Interest income $ 45,000 48,100 2,000 Addison's self-employment tax was $6,796. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $9,470 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. > Answer is complete but not entirely correct. Amount AGI $ 91,702 Taxable Income $ 56,322 X Income Tax $ 6,319 X
Alex and Addison are married and have the following income items: Alex's salary Addison's Schedule C net profit Interest income $ 45,000 48,100 2,000 Addison's self-employment tax was $6,796. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $9,470 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. > Answer is complete but not entirely correct. Amount AGI $ 91,702 Taxable Income $ 56,322 X Income Tax $ 6,319 X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Manabhai
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
$ 45,000
48,100
2,000
Addison's self-employment tax was $6,796. Addison's Schedule C net business profit is qualified business income (non-service). The
couple have $9,470 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.
× Answer is complete but not entirely correct.
Amount
AGI
$
91,702
Taxable Income
$
56,322 X
Income Tax
$
6,319 X
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