Mr. and Mrs. Daku had the following income items: Mr. Daku's salary 43,000 Mrs. Daku's Schedule C net profit 45,000 Interest income 1,650 $ Mrs. Daku's self-employment tax was $6,358. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple had $8,770 itemized deductions and no children or other dependents. Compute their income tax on a joint return. Assume the taxable year is 2018. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) AGI Taxable Income Income tax
Mr. and Mrs. Daku had the following income items: Mr. Daku's salary 43,000 Mrs. Daku's Schedule C net profit 45,000 Interest income 1,650 $ Mrs. Daku's self-employment tax was $6,358. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple had $8,770 itemized deductions and no children or other dependents. Compute their income tax on a joint return. Assume the taxable year is 2018. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) AGI Taxable Income Income tax
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 29P: Arthur and Cora are married and have 2 dependent children. They have a gross income of 95,000. Their...
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Transcribed Image Text:Mr. and Mrs. Daku had the following income items:
Mr. Daku's salary
Mrs. Daku's Schedule C net profit
Interest income
Mrs. Daku's self-employment tax was $6,358. Mrs. Daku's Schedule C net business profit is qualified business income under Section
199A. The couple had $8,770 itemized deductions and no children or other dependents. Compute their income tax on a joint
return. Assume the taxable year is 2018. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate
calculations and final answers to the nearest whole dollar amount.)
AGI
Taxable Income
Income tax
$ 43,000
45,000
1,650
H
H
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