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, and Pat makes $3,000 of estimated tax payments. (Click the icon to view the standard deduction and child credit amounts.) (Click the icon to view the 2020 tax rate schedule for the Married filing jointly filing status.) Read the requirement. Next, compute their taxable income. (Assume that Pat qualifies for the qualified business income deduction.) 4 Taxable income Now compute their additional tax due (refund) (Use the 2020 tax rate schedule for all tax calculations Do not round intermediary calculations Only round the amount you input in the cell to the nearest Next 4:20 PM 1/16/2022 Submit test 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, and Pat makes $3,000 of estimated tax payments. (Click the icon to view the standard deduction and child credit amounts.) (Click the icon to view the 2020 tax rate schedule for the Married filing jointly filing status.) Read the requirement First, compute their gross income. Gross income Next, compute their adjusted gross income. Next 4:21 PM 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, and Pat makes $3,000 of estimated tax payments. (Click the icon to view the standard deduction and child credit amounts.) (Click the icon to view the 2020 tax rate schedule for the Married filing jointly filing status.) Read the requirement. Next, compute their taxable income. (Assume that Pat qualifies for the qualified business income deduction.). Taxable income 444 C A Next 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 revenue 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 paychecks, and Pat makes $3,000 of estimated tax payments. (Click the icon to view the standard deduction and child credit amounts.) (Click the icon to view the 2020 tax rate schedule for the Married filing jointly filing status.) Read the requirement. Next, compute their adjusted gross income. Adjusted gross income Next, compute their taxable income. (Assume that Pat qualifies for the qualified business income deduction.) OLDOE C 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, and Pat makes $3,000 of estimated tax payments. (Click the icon to view the standard deduction and child credit amounts.) (Click the icon to view the 2020 tax rate schedule for the Married filing jointly filing status.) Read the requirement. Now compute their additional tax due (refund). (Use the 2020 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount 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.) C NG W Next 4:22 PM 1/16/2022 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, and Pat makes $3,000 of estimated tax payments. (Click the icon to view the standard deduction and child credit amounts.). (Click the icon to view the 2020 tax rate schedule for the Married filing jointly filing status.) Read the requirement. Additional tax due (refund) OL P C A NG W Next 4:23 PM 1/16/2022