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* * * * * * Tax Information for the Browns for 2 0 2 3 : Wages: Sarah ( $ 8 2 , 0

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Tax Information for the Browns for 2023:
Wages: Sarah ($82,000), James ($66,500)
Interest Income: $1,850
Dividend Income: $750
Long-term capital gains: $4,500
Qualified Business Income (QBI) from Sarah's sole proprietorship: $57,000
Itemized Deductions: Medical Expenses: $7,500, State and Local Taxes: $11,800, Charitable Contributions: $3,200
Allowable deduction for self-employment tax: $3,700
Calculate Sarah and James's:
Adjusted Gross Income (AGI)
Taxable Income
Potential Child Tax Credits
Total Tax Liability (Before any other credits)

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