Subject - account Please help me. Thankyou. Mr. and Mrs. Wilson are married (MFJ) with one dependent child. They report the following information for 2021:Schedule C net profit.$ 66,650Interest income from certificate of deposit (CD)2,100Self-employment tax on Schedule C net profit9,41812,00075,00050027,000Dividend eligible for 15% rate.Mrs. Wilson's salary from Brants CompanyDependent care creditItemized deductionsRequired:Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualifiedbusiness income (non-service income) under Section 199A. Assume the taxable year is 2021. Use Individual Tax Rate Schedules andStandard Deduction Table. (Do not round intermediate computations. Round your final answers to the nearest whole dollaramount.)> Answer is complete but not entirely correct.AGITaxable incomeTotal tax liabilityAmount$151,041✓$ 110,711 X$ 15,853

Please find the calculation of AGI, Taxable Income & Total Tax Liability of Wilson's in step 2…

Mr. and Mrs. Wilson are married (MFJ) with one dependent child. They report the follow Schedule C net profit $ 66,650 2,100 Interest income from certificate of deposit (CD) Self-employment tax on Schedule C net profit Dividend eligible for 15% rate Mrs. Wilson's salary from Brants Company Dependent care credit Itemized deductions Required: 9,418 12,000 75,000 500 27,000

Mr. and Mrs. Wilson are married (MFJ) with one dependent child. They report the follow Schedule C net profit $ 66,650 2,100 Interest income from certificate of deposit (CD) Self-employment tax on Schedule C net profit Dividend eligible for 15% rate Mrs. Wilson's salary from Brants Company Dependent care credit Itemized deductions Required: 9,418 12,000 75,000 500 27,000

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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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Subject - account

Please help me.

Thankyou.

Mr. and Mrs. Wilson are married (MFJ) with one dependent child. They report the following information for 2021:
Schedule C net profit.
$ 66,650
Interest income from certificate of deposit (CD)
2,100
Self-employment tax on Schedule C net profit
9,418
12,000
75,000
500
27,000
Dividend eligible for 15% rate.
Mrs. Wilson's salary from Brants Company
Dependent care credit
Itemized deductions
Required:
Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualified
business income (non-service income) under Section 199A. Assume the taxable year is 2021. Use Individual Tax Rate Schedules and
Standard Deduction Table. (Do not round intermediate computations. Round your final answers to the nearest whole dollar
amount.)
> Answer is complete but not entirely correct.
AGI
Taxable income
Total tax liability
Amount
$
151,041✓
$ 110,711 X
$ 15,853

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