Alex and Addison are married and have the following income items.               Alex’s salary                                          $52,500             Addison’s Schedule C net profit             $41,800             Interest income                                    $1,300

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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Kk.64.

Alex and Addison are married and have the following income items.

 

            Alex’s salary                                          $52,500

            Addison’s Schedule C net profit             $41,800

            Interest income                                    $1,300

 

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.

 

Compute their income tax on a joint return.

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