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The Chungs are married with one dependent child. They report the following information for 2022: Schedule C net profit $ 66,650 Interest income from certificate

The Chungs are married with one dependent child. They report the following information for 2022:

Schedule C net profit $ 66,650
Interest income from certificate of deposit (CD) 2,100
Self-employment tax on Schedule C net profit 9,418
Dividend eligible for 15% rate 12,000
Lila Chung's salary from Brants Company 75,000
Dependent care credit 500
Itemized deductions 27,000

Required:

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.

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