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Mr. and Mrs. Wilson are married with one dependent child. They report the following information for 2016: Schedule C net profit $66,650 Interest income from
Mr. and Mrs. Wilson are married with one dependent child. They report the following information for 2016:
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% tax rate $12,000
Mrs. Wilson's salary from Brants Company $75,000
Dependent care credit $500
Itemized deductions $15,000
Compute AGI, taxable income, and total tax liability (including self-employment tax)
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