Question
Alex and Addison are married and have the following income items: Alex's salary Addison's Schedule C net profit Interest income $ 66,000 41,500 1,750
Alex and Addison are married and have the following income items: Alex's salary Addison's Schedule C net profit Interest income $ 66,000 41,500 1,750 Addison's self-employment tax was $5,864. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $8,970 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. AGI Taxable Income Income Tax Amount
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