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: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcc67301f-3402-444a-ad0a-927c02283bb2%2F99b56fe4-66a7-4dc6-b73c-e662226611c3%2Fpl2jw5u_processed.jpeg&w=3840&q=75)
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
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education