Question
Mr. and Mrs. Simpson have the following income items: Mr. Simpsons Schedule C net profit $ 91,320 Mrs. Simpsons Schedule C net loss (7,480 )
Mr. and Mrs. Simpson have the following income items: Mr. Simpsons Schedule C net profit $ 91,320 Mrs. Simpsons Schedule C net loss (7,480 ) Mrs. Simpsons taxable pension 32,300 Interest Income 21,200 Mr. Simpsons self-employment tax was $12,903. The couple had $26,050 itemized deductions. The couples Schedule C net business profit is qualified business income under Section 199A. Compute their income tax on a joint return. Assume the taxable year is 2018. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.)
AGI ?
TAXABLE INCOME?
INCOME TAX?
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