Alex and Addison are married and have the following income items: Alex's salary $ 52,750 33,000 Addison's Schedule C net profit Interest income 1,700 Addison's self-employment tax was $4,663. Addison's Schedule C net business profit is qualified business income (non-service). The couple 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 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 Taxable Income Income Tax $ $ $ 85,118 ✔ 52,618 X 5,903 X
Alex and Addison are married and have the following income items: Alex's salary $ 52,750 33,000 Addison's Schedule C net profit Interest income 1,700 Addison's self-employment tax was $4,663. Addison's Schedule C net business profit is qualified business income (non-service). The couple 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 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 Taxable Income Income Tax $ $ $ 85,118 ✔ 52,618 X 5,903 X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
$ 52,750
33,000
1,700
Addison's self-employment tax was $4,663. Addison's Schedule C net business profit is qualified business income (non-service). The
couple 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 Standard
Deduction Table.
Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
X Answer is complete but not entirely correct.
AGI
Taxable Income
Income Tax
$
$
$
Amount
85,118
52,618 X
5,903 X
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