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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 $6,500 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. View the standard deduction and child credit amounts. View the 2023 tax rate schedule for the Married filing.jointly filing status. Read the requirement. First, compute their gross income. Requirements Determine the additional tax due or refund when Jim and Pat file their 2023 income tax return. Ignore any self-employment tax. Standard Deduction and Child Credit Amounts Married Filing Joint Tax Rate Schedule
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