Homework Answers
| Daku's salary | $ 58,500 |
| Schedule C net profit | $ 31,600 |
| Interest income | $ 2,550 |
| Less:Self-employment tax (4465*50%) | $ -2,233 |
| AGI | $ 90,418 |
| Less:Greater of itemized deduction or standard deduction | $ -24,400 |
| Taxable income before QBI | $ 66,018 |
| Less. QBI deduction, lessor of (66018*20% or 31600*20%) | $ -6,320 |
| Taxable income | $ 59,698 |
| Income tax (1940+(59698-19400)*12%) | $ 6,776 |
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Mr. and Mrs. Daku have the following income items. Mr. Daku's salary Mrs. Daku's Schedule C...
Mr. and Mrs. Daku have the following income items. Mr. Daku's salary Mrs. Daku's Schedule C...
Mr. and Mrs. Daku have the following income items. Mr. Daku's salary Mrs. Daku's Schedule C net profit Interest income $58,500 31,600 2,550 Mrs. Daku's self-employment tax was $4,465. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple have $10,570 itemized deductions and no children or other dependents. Compute their income tax on a joint return. Assume the taxable year is 2019. Use Individual Tax Rate Schedules and Standard Deduction Table (Round your...
Mr. and Mrs. Daku have the following income items. en un Mr. Daku's salary Mrs. Daku's...
Mr. and Mrs. Daku have the following income items. en un Mr. Daku's salary Mrs. Daku's Schedule C net profit Interest income entorno e met profit $ 59,750 44,700 1,950 Mrs. Daku's self-employment tax was $6,316. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple have $9,370 itemized deductions and no children or other dependents. Compute their income tax on a joint return. Assume the taxable year is 2019. Use Individual Tax Rate...
33 Mr. and Mrs. Daku had the following income items: Mr Daku'a salary $49,750 5 Mrs....
33 Mr. and Mrs. Daku had the following income items: Mr Daku'a salary $49,750 5 Mrs. Daku's Schedule c net points 33,300 profit income 2,450 Interest 01:21:50 Mrs. Daku's self-employment tax was $4,705. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple had $10,370 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...
Mr. and Mrs. Daku have the following income items. Mr. Daku’s salary $ 61,750 Mrs. Daku’s...
Mr. and Mrs. Daku have the following income items. Mr. Daku’s salary $ 61,750 Mrs. Daku’s Schedule C net profit 44,800 Interest income 1,850 Mrs. Daku’s self-employment tax was $6,330. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple have $9,170 itemized deductions and no children or other dependents. Compute their income tax on a joint return. Assume the taxable year is 2019. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round...
Mr. and Mrs. Daku have the following income items. Mr. Daku's salary Mrs. Daku's Schedule C...
Mr. and Mrs. Daku have the following income items. Mr. Daku's salary Mrs. Daku's Schedule C net profit Interest income $ 64,750 45,200 2,500 Mrs. Daku's self-employment tax was $6,387. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple have $10,470 itemized deductions and no children or other dependents. Compute their income tax on a joint return. Assume the taxable year is 2019. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round...
Mr. and Mrs. Daku had the following income items: Mr. Daku's salary Mrs. Daku's Schedule C...
Mr. and Mrs. Daku had the following income items: Mr. Daku's salary Mrs. Daku's Schedule C net profit Interest income $ 52,500 41,800 1,300 Mrs. Daku's self-employment tax was $5,906. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple had $8,070 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...
Mr. and Mrs. Simpson have the following income items: Mr. Simpson’s Schedule C net profit $...
Mr. and Mrs. Simpson have the following income items: Mr. Simpson’s Schedule C net profit $ 91,320 Mrs. Simpson’s Schedule C net loss (7,480 ) Mrs. Simpson’s taxable pension 32,300 Interest Income 21,200 Mr. Simpson’s self-employment tax was $12,903. The couple has $26,050 itemized deductions. Mrs. Simpson's Schedule C net business profit is qualified business income under Section 199A. Compute the couple's income tax on a joint return. Assume the taxable year is 2019.
Mr. and Mrs. Wilson are married with one dependent child. They report the following information f...
Mr. and Mrs. Wilson are married with one dependent child. They report the following information for 2018: 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 Mrs. Wilson's salary from Brants Company 75,000 Dependent care credit 500 Itemized deductions 27,000 Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualified business income...
Mr. and Mrs. Wilson are married with one dependent child. They report the following information for...
Mr. and Mrs. Wilson are married with one dependent child. They
report the following information for 2019:
Compute AGI, taxable income, and total tax liability (including
self-employment tax). Assume that Schedule C net profit is
qualified business income under Section 199A. Assume the taxable
year is 2019.
Please help find Total tax liability.
Schedule C net profit Interest income from certificate of deposit (CD) Self-employment tax on Schedule C net profit Dividend eligible for 15% rate Mrs. Wilson's salary from...
Mr. and Mrs. Ludwig have the following income items. Dividend eligible for 0% preferential rate Capital...
Mr. and Mrs. Ludwig have the following income items. Dividend eligible for 0% preferential rate Capital gain eligible for 0% preferential rate Mrs. Ludwig's salary $ 3,600 4,200 44,650 Mr. L is age 66, and Mrs. L is age 68. Their itemized deductions totaled $8,990, and they have no dependents. Compute their income tax on a joint return. Assume the taxable year is 2019. Use Individual Tax Rate Schedules and Standard Deduction Table (Round your intermediate calculations and final answers...
Mr. and Mrs. Daku have the following income items. Mr. Daku's salary Mrs. Daku's Schedule C net profit Interest income $58,500 31,600 2,550 Mrs. Daku's self-employment tax was $4,465. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple have $10,570 itemized deductions and no children or other dependents. Compute their income tax on a joint return. Assume the taxable year is 2019. Use Individual Tax Rate Schedules and Standard Deduction Table (Round your...
Mr. and Mrs. Daku have the following income items. en un Mr. Daku's salary Mrs. Daku's Schedule C net profit Interest income entorno e met profit $ 59,750 44,700 1,950 Mrs. Daku's self-employment tax was $6,316. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple have $9,370 itemized deductions and no children or other dependents. Compute their income tax on a joint return. Assume the taxable year is 2019. Use Individual Tax Rate...
33 Mr. and Mrs. Daku had the following income items: Mr Daku'a salary $49,750 5 Mrs. Daku's Schedule c net points 33,300 profit income 2,450 Interest 01:21:50 Mrs. Daku's self-employment tax was $4,705. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple had $10,370 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...
Mr. and Mrs. Daku have the following income items. Mr. Daku's salary Mrs. Daku's Schedule C net profit Interest income $ 64,750 45,200 2,500 Mrs. Daku's self-employment tax was $6,387. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple have $10,470 itemized deductions and no children or other dependents. Compute their income tax on a joint return. Assume the taxable year is 2019. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round...
Mr. and Mrs. Daku had the following income items: Mr. Daku's salary Mrs. Daku's Schedule C net profit Interest income $ 52,500 41,800 1,300 Mrs. Daku's self-employment tax was $5,906. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple had $8,070 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...
Mr. and Mrs. Wilson are married with one dependent child. They
report the following information for 2019:
Compute AGI, taxable income, and total tax liability (including
self-employment tax). Assume that Schedule C net profit is
qualified business income under Section 199A. Assume the taxable
year is 2019.
Please help find Total tax liability.
Schedule C net profit Interest income from certificate of deposit (CD) Self-employment tax on Schedule C net profit Dividend eligible for 15% rate Mrs. Wilson's salary from...
Mr. and Mrs. Ludwig have the following income items. Dividend eligible for 0% preferential rate Capital gain eligible for 0% preferential rate Mrs. Ludwig's salary $ 3,600 4,200 44,650 Mr. L is age 66, and Mrs. L is age 68. Their itemized deductions totaled $8,990, and they have no dependents. Compute their income tax on a joint return. Assume the taxable year is 2019. Use Individual Tax Rate Schedules and Standard Deduction Table (Round your intermediate calculations and final answers...
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