1. Jim is married and files a joint return. Jim and his wife have two dependent children. They have adjusted gross income of $33000 and itemized deductions of $24,500. Compute the taxable income for 2021.
2. Jim is single with no dependents. His adjusted gross income is $48000 with itemized deductions of $10,800. Compute the taxable income for 2021.
3. Jim is a full-time college student under 24 supported by his father. Jim earned $2720 from a part-time job and had $513 of interest income. His itemized deductions were $279. Compute the taxable income for 2021.
4. Jim is married but files separately and claims two dependent children. His adjusted gross income is $82000 and he claims $13776 of itemized deductions. Jim's wife also itemizes on her return. Compute Jim's taxable income for 2021.
5. Determine the amount of self-employment tax due for 2021, assuming that Lynette earned $30,000 in wages and also earned $20500 from a business that she owned.