Required: Compute their income tax on a joint return. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard Deduction Table.
Required: Compute their income tax on a joint return. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard Deduction Table.
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 64P: Leroy and Amanda are married and have three dependent children. During the current year, they have...
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![Alex and Addison are married and have the following income items:
Alex's salary
Addison's Schedule C net profit
Interest income
$ 45,000
48,100
2,000
Addison's self-employment tax was $6,796. Addison's Schedule C net business profit is qualified business income (non-service). The
couple have $9,470 itemized deductions and no children or other dependents.
Required:
Compute their income tax on a joint return. Assume the taxable year is 2023. 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
$
91,702
Taxable Income
$
56,322 X
Income Tax
$
6,319 X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3512746b-e316-43ef-bfef-c2bd947c57a1%2F73c21a97-405f-4a5c-be4b-4f036db79bdf%2Fvgkhe6j_processed.png&w=3840&q=75)
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
$ 45,000
48,100
2,000
Addison's self-employment tax was $6,796. Addison's Schedule C net business profit is qualified business income (non-service). The
couple have $9,470 itemized deductions and no children or other dependents.
Required:
Compute their income tax on a joint return. Assume the taxable year is 2023. 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
$
91,702
Taxable Income
$
56,322 X
Income Tax
$
6,319 X
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