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Mr. and Mrs. Daku had the following income items: Mr. Daku's salary 43,000 Mrs. Daku's Schedule C net profit 45,000 Interest income 1,650 $ Mrs. Daku's self-employment tax was $6,358. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple had $8,770 itemized deductions and no children or other dependents. Compute their income tax on a joint return. Assume the taxable year is 2018. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) AGI Taxable Income Income tax

Mr. and Mrs. Daku had the following income items: Mr. Daku's salary 43,000 Mrs. Daku's Schedule C net profit 45,000 Interest income 1,650 $ Mrs. Daku's self-employment tax was $6,358. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple had $8,770 itemized deductions and no children or other dependents. Compute their income tax on a joint return. Assume the taxable year is 2018. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) AGI Taxable Income Income tax

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mr. and Mrs. Daku had the following income items: Mr. Daku's salary Mrs. Daku's Schedule C net profit Interest income Mrs. Daku's self-employment tax was $6,358. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple had $8,770 itemized deductions and no children or other dependents. Compute their income tax on a joint return. Assume the taxable year is 2018. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) AGI Taxable Income Income tax $ 43,000 45,000 1,650 H H
Transcribed Image Text:Mr. and Mrs. Daku had the following income items: Mr. Daku's salary Mrs. Daku's Schedule C net profit Interest income Mrs. Daku's self-employment tax was $6,358. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple had $8,770 itemized deductions and no children or other dependents. Compute their income tax on a joint return. Assume the taxable year is 2018. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) AGI Taxable Income Income tax $ 43,000 45,000 1,650 H H
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