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Mr. and Mrs. Daku have the following income items: Mr. Dakus salary $ 46,750 Mrs. Dakus Schedule C net profit 51,300 Interest income 2,300 Mrs.
Mr. and Mrs. Daku have the following income items:
Mr. Dakus salary | $ 46,750 |
---|---|
Mrs. Dakus Schedule C net profit | 51,300 |
Interest income | 2,300 |
Mrs. Dakus self-employment tax was $7,248. Mrs. Daku's Schedule C net business profit is qualified business income (non-service). The couple have $10,070 itemized deductions and no children or other dependents.
Required: Compute their income tax on a joint return. Assume the taxable year is 2021. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.)
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