Question
Mr. and Mrs. Daku have the following income items: Mr. Dakus salary $ 61,750 Mrs. Dakus Schedule C net profit 44,800 Interest income 1,850 Mrs.
Mr. and Mrs. Daku have the following income items: Mr. Dakus salary $ 61,750 Mrs. Dakus Schedule C net profit 44,800 Interest income 1,850 Mrs. Dakus self-employment tax was $6,330. Mrs. Daku's Schedule C net business profit is qualified business income (non-service). The couple have $9,170 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return.
Assume the taxable year is 2020.
Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.)
A. AGI
B. Taxable Income
C. Income Tax
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