Alex and Addison are married and have the following income items: Alex’s salary $ 58,250 Addison’s Schedule C net profit 41,900 Interest income 1,450 Addison’s self-employment tax was $5,920. Addison's Schedule C net business profit is qualified business income (non-service). The couple has $8,370 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2024. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
Alex and Addison are married and have the following income items: Alex’s salary $ 58,250 Addison’s Schedule C net profit 41,900 Interest income 1,450 Addison’s self-employment tax was $5,920. Addison's Schedule C net business profit is qualified business income (non-service). The couple has $8,370 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2024. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
Chapter12: Tax Credits And Payments
Section: Chapter Questions
Problem 28P
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Question
Alex and Addison are married and have the following income items:
Alex’s salary | $ 58,250 |
---|---|
Addison’s Schedule C net profit | 41,900 |
Interest income | 1,450 |
Addison’s self-employment tax was $5,920. Addison's Schedule C net business profit is qualified business income (non-service). The couple has $8,370 itemized deductions and no children or other dependents.
Required:
Compute their income tax on a joint return. Assume the taxable year is 2024. Use Individual Tax Rate Schedules and Standard Deduction Table.
Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
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