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Mr. and Mrs. Wilson are married with one dependent child. They report the following information for 2019: Compute AGI, taxable income, and total tax liability
Mr. and Mrs. Wilson are married with one dependent child. They report the following information for 2019:
Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualified business income under Section 199A. Assume the taxable year is 2019.
Please help find Total tax liability.
Schedule C net profit Interest income from certificate of deposit (CD) Self-employment tax on Schedule C net profit Dividend eligible for 15% rate Mrs. Wilson's salary from Brants Company Dependent care credit Itemized deductions $ 66,650 2,100 9,418 12,000 75,000 500 27,000 AGI Taxable income Total tax liability $ $ 151,041 110,711Step by Step Solution
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