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need the additional tax refund computed please Jake and Peggy are married, fle jointly, and have one dependent (12-year old qualifying child). Jake receives a
need the additional tax refund computed please
Jake and Peggy are married, fle jointly, and have one dependent (12-year old qualifying child). Jake receives a $89,000 salary. Peggy is self-employed. Her sole proprietorship's revenues are $97,000, and its expenses are $50,000. Jake and Pegay each make a $6,000 deductible contribution to a traditional IRA. Their itemized deductions are $30,000. Federal income taxes of $6,500 are withheid from Jake's paychecks, and Peggy makes $3,300 of estimated tax payments. View the standard deduction and child credit amounts. View the 2022 tax rate schedule for the Married fling jointly fling status. Read the reauirement, Next, compute their taxable income. (Assume that Peggy qualifies for the qualified business income deduction.) Now compute their additional tax due (refund). (Use the 2022 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar. Remember to ignore any self-employment tax. Enter a refund with parentheses or a Jake and Peggy are married, file jointly, and have one dependent (12-year old qualifying child). Jake recelves a $89,000 salary. Peggy is self-employed. Her sole proprietorship's revenues are $97,000, and its expenses are $50,000. Jake and Peggy each make a $6,000 deductible contribution to a traditional IRA. Their itemized deductions are $30,000. Federal income taxes of $6,500 are withheld from Jake's paychecks, and Peggy makes $3,300 of estimated tax payments. View the standard deduction and child credit amounts. View the 2022 tax rate schedule for the Married filing jointiy filing status. Read the requirement. Now compute their additional tax due (refund). (Use the 2022 tax rate schedule for all tax calculations. Do not round intermediary calculations. round the amount you input in the cell to the nearest dollar. Remember to ignore any self-employment tax. Enter a refund with parentheses or a minus sian.) Standard Deduction and Child Credit Amounts Married Filing Joint Tax Rate Schedule Step by Step Solution
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