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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.

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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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
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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