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Problem 14-10 (Static) (LO 14-3, 14-4, 14-5) Mr. and Mrs. Simpson have the following income items: Mr. Simpson's Schedule C net profit Mrs. Simpson's Schedule
Problem 14-10 (Static) (LO 14-3, 14-4, 14-5) Mr. and Mrs. Simpson have the following income items: Mr. Simpson's Schedule C net profit Mrs. Simpson's Schedule C net loss Mrs. Simpson's taxable pension Interest Income $ 91,320 (7,480) 32,300 21,200 Mr. Simpson's self-employment tax was $12,903. The couple has $26,050 itemized deductions. Mrs. Simpson's Schedule C net business profit is qualified business income (non-service). Required: Compute the couple's income tax on a joint return. Assume the taxable year is 2021. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Answer is complete but not entirely correct. Amount AGI Taxable income $ 130,889 $ 88,071 X $ 11,093 Income tax
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