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The Chungs are married with one dependent child. They report the following information for 2022: Schedule C net profit Interest income from certificate of deposit

image text in transcribedimage text in transcribedimage text in transcribed The Chungs are married with one dependent child. They report the following information for 2022: Schedule C net profit Interest income from certificate of deposit (CD) Self-employment tax on Schedule C net profit Dividend eligible for 15% rate Lila Chung's salary from Brants Company Dependent care credit Itemized deductions Required: $ 66,650 2,100 9,418 12,000 75,000 500 27,000 Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualified business income (non-service income) under Section 199A. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Do not round intermediate computations. Round your final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. Amount AGI S 151,041 Taxable income $ 110,711 Total tax liability S 24,151 Individual Tax Rate Schedules Married Filing Jointly and Surviving Spouse If taxable income is Not over $20,550 Over $20,550 but not over $83,550 Over $83,550 but not over $178,150 Over $178,150 but not over $340,100 Over $340,100 but not over $431,900 Over $431,900 but not over $647,850 Over $647,850 Married Filing Separately If taxable income is Not over $10,275 Over $10,275 but not over $41,775 Over $41,775 but not over $89,075 Over $89,075 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $323,925 Over $323,925 Head of Household If taxable income is Not over $14,650 Over $14,650 but not over $55,900 Over $55,900 but not over $89,050 Over $89,050 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $539,900 Over $539,900 Single If taxable income is Not over $10,275 Over $10,275 but not over $41,775 Over $41,775 but not over $89,075 Over $89,075 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $539,900 Over $539,900 The tax is 10% of taxable income $2,055.00+12% of excess over $20,550 $9,615.00 +22% of excess over $83,550 $30,427.00 +24% of excess over $178,150 $69,295.00 + 32% of excess over $340,100 $98,671.00 + 35% of excess over $431,900 $174,253.50 + 37% of excess over $647,850 The tax is 10% of taxable income $1,027.50 + 12% of excess over $10,275 $4,807.50 + 22% of excess over $41,775 $15,213.50 +24% of excess over $89,075 $34,647.50 + 32% of excess over $170,050 $49,335.50+35% of excess over $215,950 $87,126.75 + 37% of excess over $323,925 The tax is 10% of taxable income $1,465.00 + 12% of excess over $14,650 $6,415.00 +22% of excess over $55,900 $13,708.00 +24% of excess over $89,050 $33,148.00 + 32% of excess over $170,050 $47,836.00 + 35% of excess over $215,950 $161,218.50 + 37% of excess over $539,900 The tax is 10% of taxable income $1,027.50+12% of excess over $10,275 $4,807.50 +22% of excess over $41,775 $15,213.50 +24% of excess over $89,075 $34,647.50 + 32% of excess over $170,050 $49,335.50 + 35% of excess over $215,950 $162,71837% of excess over $539,900 Married filing jointly and surviving spouses $25,900 Married filing separately 12,950 Head of household 19,400 Single 12,950

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