Question
Jim and Pat are married, file jointly, and have one dependent (12-year old qualifying child). Jim receives a $92,000 salary. Pat is self-employed. Her sole
Jim and Pat are married, file jointly, and have one dependent (12-year old qualifying child). Jim receives a $92,000 salary. Pat is self-employed. Her sole proprietorship's revenues are $98,000, and its expenses are $48,000. Jim and Pat each make a $6,000 deductible contribution to a traditional IRA. Their itemized deductions are $26,000. Federal income taxes of $7,000 are withheld from Jim's paychecks an pat makes 3,000 of estimated tax payments.
View the standard deduction and child credit amounts View the 2022 tax rate schedule for the Maried filing jointly filing status Read the requirement
Now compute their additional tax due (refund). (Use the 2022 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only you input in the cell to the nearest dollar. Remember to ignore any self-employment tax. Enter a refund with parentheses or a minus sign.) Additional tax due (refund)Step by Step Solution
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