Question
Alex and Addison are married and have the following income items: Alexs salary $ 44,500 Addisons Schedule C net profit 35,200 Interest income 2,250 Addisons
Alex and Addison are married and have the following income items:
Alexs salary $ 44,500
Addisons Schedule C net profit 35,200
Interest income 2,250 Addisons self-employment tax was $4,974.
Addison's Schedule C net business profit is qualified business income (non-service). The couple have $9,970 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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started