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.)
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