Ordinary income to be taxed (line 43 - line 13) 36,748 1.845 c. Line 44 Calculate the federal income tax on ordinary income. a. 10% of your first $18,450 b. 15% of everything from $18,450 up to $74,900 25% of everything from $74,900 up to $151,200 d. Total federal income tax on ordinary income e. Federal income tax on capital gains income (line 13 x 15%) f. Total tax on ordinary income and capital gains Line 53 Calculate the total tax credit for two children ($1,000/ child) Line 58 Enter self-employment tax from page 1. S. $ $ $ $ $ $ $ Line 63. What is your total federal and self-employment tax due? (line 44 total-linc 53 + line 58) Income Tax Management Complete the lines below for the indicated Internal Revenue Service (IRS) forms. Assume the return is for a married couple filing jointly, with two children. Schedule F-Profit or Loss from Farming Line 1. Record sales of cattle. $ 96,731 Line 2 Record the original purchase cost of the cattle. $ 41,619 Line 3. Subtract to find the taxable gain on cattle. $ 55,112 Line 4 Record sales of corn, soybeans and hogs. Do not include $141,622 sales of culled breeding stockthey are taxed as capital gains. Do not include loans received they are not considered income. Line 8. Record any crop insurance payments received. $14,300 Line 11. Gross income (sum lines 3 to 10) $_ 211.034 Line 35 Record all operating expenses, except purchases of feeder livestock and depreciable assets. $142,698 Line 36 Find Net Farm Profit (line 11 - line 35). $ 68,336 $ 1.982 Schedule SE-Self-employment Tax Medicare tax: 2.9% of Net Farm Profit Social Security tax: 12.4% of Net Farm Profit, paid on a maximum of $118,500 Total self-employment tax $ $ $ 8,473 $ 10.455