Alex and Addison are married and have the following income items: Alex's salary$ 57,000Addison's Schedule C net profit31,700Interest income2,400 Addison's self-employment tax was $4,479. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $10,270 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
Alex and Addison are married and have the following income items: Alex's salary$ 57,000Addison's Schedule C net profit31,700Interest income2,400 Addison's self-employment tax was $4,479. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $10,270 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Alex and Addison are married and have the following income items:
Alex's salary$ 57,000Addison's Schedule C net profit31,700Interest income2,400
Addison's self-employment tax was $4,479. Addison's Schedule C net business profit is qualified business
income (non-service). The couple have $10,270 itemized deductions and no children or other
dependents.
Required:
Compute their income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate
Schedules and Standard Deduction Table.
Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
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