**** Tax Information for the Thompsons for 2023: Wages: Sarah ($75,000), James ($60,000) Interest Income: $1,600 Dividend Income: $650 Long-term capital gains: $3,800 Qualified Business Income (QBI) from Sarah's sole proprietorship: $ 48,000 Itemized Deductions: Medical Expenses: $6,500, State and Local Taxes: $ 9,800, Charitable Contributions: $2,700 Allowable deduction for self- employment tax: $3,200 Calculate Sarah and James's: Adjusted Gross Income ( AGI) Taxable Income Potential Child Tax Credits Total Tax Liability (Before any other credits)

**** Tax Information for the Thompsons for 2023: Wages: Sarah ($75,000), James ($60,000) Interest Income: $1,600 Dividend Income: $650 Long-term capital gains: $3,800 Qualified Business Income (QBI) from Sarah's sole proprietorship: $ 48,000 Itemized Deductions: Medical Expenses: $6,500, State and Local Taxes: $ 9,800, Charitable Contributions: $2,700 Allowable deduction for self- employment tax: $3,200 Calculate Sarah and James's: Adjusted Gross Income ( AGI) Taxable Income Potential Child Tax Credits Total Tax Liability (Before any other credits)

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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