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Mr. and Mrs. Wilson are married with one dependent child. They report the following information for 2018: Schedule C net profit $ 66,650 Interest income

Mr. and Mrs. Wilson are married with one dependent child. They report the following information for 2018:

Schedule C net profit $ 66,650
Interest income from certificate of deposit (CD) 2,100
Self-employment tax on Schedule C net profit 9,418
Dividend eligible for 15% rate 12,000
Mrs. Wilson's salary from Brants Company 75,000
Dependent care credit 500
Itemized deductions 27,000

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 2018. Use Individual Tax Rate Schedules and Standard Deduction Table. (Do not round intermediate computations. Round your final answers to the nearest whole dollar amount.)

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Married filing jointly and surviving spouses Married filing separately Head of household Single $24,000 12,000 18,000 12,000

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