The following information applies to the questions displayed below Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm while Jessie runs a craft business from their home. Jessie's craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220.000) and a personal loan to pay for Lizzie's college expenses (balance of $35,00o). Neither Joe nor Jessie is blind or over age 65, and they plan to file as married-joint. Assume that the employer portion of the self-employment tax on Jessie's income is $831. Joe and Jessie have summarized the income and expenses they expect to report this year as follows: s 124100 18.400 Joe's salary Jessie's craft sales Interest from certificate of deposit Interest from Treasury bond funds Interest from municipal bond funds 716) inteszst incau 920 b Expenditures: $ 13,700 6,400 7482 Federal income tax withheld from Joe's wages State income tax withheld from Joe's wages Social Security tax withheld from Joe's wages Real estate taxes on residence Automobile licenses (based on weight) State sales tax paid Home mortgage interest Interest on Masterdebt credit card 6,200 310 1150 14,000 2,300 Medical expenses (unreimbursed) For 1690-46115510ox79 Joe's employee expenses (unreimbursed) Cost of Jessie's craft supplies 2.400 4.260 yousineys exp 145 6635 Postage for mailing crafts Travel and lodging for craft shows Self-employment tax on Jessie's craft income College tuition paid for Lizzie Interest on loans to pay Lizzie's tuition Lizzie's room and board at college Cash contributions to the Red Cross 1662 5,780 25 3.200 12,620 525 5364 7 Interest (teychia) 2366 Award: 10.00 points You did not receive full credit for this question in a previous attempt Determine Joe and Jessie's AGI and taxable income for the year. Joe and Jessie's AGI $ 135,100 $ 127,618 Joe and Jessie's Taxable income References Learning Objective: 07-03 Calculate the deduction for qualified business income. Learning Objective: 07-01 Describe the different types of itemized deductions available to individuals and compute itemized deductions. Comprehensive Problem The following information applies to the questions displayed below Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm while Jessie runs a craft business from their home. Jessie's craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220.000) and a personal loan to pay for Lizzie's college expenses (balance of $35,00o). Neither Joe nor Jessie is blind or over age 65, and they plan to file as married-joint. Assume that the employer portion of the self-employment tax on Jessie's income is $831. Joe and Jessie have summarized the income and expenses they expect to report this year as follows: s 124100 18.400 Joe's salary Jessie's craft sales Interest from certificate of deposit Interest from Treasury bond funds Interest from municipal bond funds 716) inteszst incau 920 b Expenditures: $ 13,700 6,400 7482 Federal income tax withheld from Joe's wages State income tax withheld from Joe's wages Social Security tax withheld from Joe's wages Real estate taxes on residence Automobile licenses (based on weight) State sales tax paid Home mortgage interest Interest on Masterdebt credit card 6,200 310 1150 14,000 2,300 Medical expenses (unreimbursed) For 1690-46115510ox79 Joe's employee expenses (unreimbursed) Cost of Jessie's craft supplies 2.400 4.260 yousineys exp 145 6635 Postage for mailing crafts Travel and lodging for craft shows Self-employment tax on Jessie's craft income College tuition paid for Lizzie Interest on loans to pay Lizzie's tuition Lizzie's room and board at college Cash contributions to the Red Cross 1662 5,780 25 3.200 12,620 525 5364 7 Interest (teychia) 2366 Award: 10.00 points You did not receive full credit for this question in a previous attempt Determine Joe and Jessie's AGI and taxable income for the year. Joe and Jessie's AGI $ 135,100 $ 127,618 Joe and Jessie's Taxable income References Learning Objective: 07-03 Calculate the deduction for qualified business income. Learning Objective: 07-01 Describe the different types of itemized deductions available to individuals and compute itemized deductions. Comprehensive
