FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Mr. and Ms. Sumara have the following income items:
Mr. Sumara's Schedule C net profit
Ms. Sunara's Schedule C net loss
Ms. Sunara's taxable pension
Interest income
Mr. Sumara's self-employment tax was $12,903. The couple has $29,050 itemized deductions. Ms. Sumara's Schedule C net business
profit is qualified business income (non-service).
$ 91,320
(7,480)
32,300
21,200
Required:
Compute the couple's 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.
AGI
Taxable Income
Income Tax
Amount
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Transcribed Image Text:Mr. and Ms. Sumara have the following income items: Mr. Sumara's Schedule C net profit Ms. Sunara's Schedule C net loss Ms. Sunara's taxable pension Interest income Mr. Sumara's self-employment tax was $12,903. The couple has $29,050 itemized deductions. Ms. Sumara's Schedule C net business profit is qualified business income (non-service). $ 91,320 (7,480) 32,300 21,200 Required: Compute the couple's 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. AGI Taxable Income Income Tax Amount
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