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Jonathan and Patric a are mar ed and lejonty. In 2018 Jonathan earned a salary $94,000. Patnc a เร self-employed. Her gross business ncome was $96 000 and her business expenses totaled S53000 Their itemized deductions total $27,500. Compute Parts a, b, and c without regard to self-employment tax. ac contributed S5 00 to a deductible IRA (Click the icon to view the standard deduction and child credit amounts.) click the icon to view the 2018 tax rate schedule tor the Marmed tiling jointly tiling status.) Read the requirements Requirement a. Compute their gross income Their gross income is Requirement b. Compute their adjusted gross income. Adjusted gross income Requirement c. Compute their tax assuming they have one qualitying child and that Patricias business income does not qualify for the qualifted business income deduction First, compute their taxable income. Choose from any list or enter any number in the input fields and then continue to the next question.Jonathan and Patricia are married and file jointly. In 2018, Jonathan earned a salary of $94,000. Patricia is self-employed. Her gross business income was $96,000 and her business expenses totaled $53,000. Each contributed S5,500 to a deductible IRA Their itemized deductions total $27,500. Compute Parts a, b, and c without regard to self-employment tax. (Cick the icon to view the standard deduction and child credit amounts,) Click the icon to view the 2018 tax rate schedule for the Married filing jointly filing status.) Read the requirements Adjusted gross income Requirement c. Compute their tax assuming they have one qualifying child and that Patricias business income does not qualify for the qualified business income deduction First, compute their taxable income Minus Taxable income Now compute their net tax liability. (Use the 2018 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) Jonathan and Patricias net tax liability isReference STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Additional standard deduction for the aged and the blind $ 24,000 18,000 12,000 12,000 ,300 1,600 Individual who is married and surviving spouses Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayers return: Greater of (1) earned income plus $350 or (2) $1,050 * These amounts are $2,600 and $3,200, respectively, for a taxpayer who is both aged and blind. 2018 Child Tax Credit $2,000 per qualifying childMarried, Filing Joint and Surviving Spouse If taxable income is: The tax is: Not over $19,050. over $19,050 but not over $77,400 . . . . . $1,905.00 + 12% of the excess over $19,050. over $77,400 but not over $165,000 . . . . $8,907.00 + 22% of the excess over $77,400. over $165,000 but not over $315,000 . . . $28,179.00 + 24% of the excess over $165,000. over $315,000 but not over $400,000 . . . $64,179.00 + 32% of the excess over $315,000. Over $400,000 but not over $600,000 . . . $91,379.00 + 35% of the excess over $400,000. Over $600,000. 10% of taxable income. $161,379.00 + 37% of the excess over $600,000.

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Answer #1

a. Their Gross income is $137000.

Gross Income
Jonathan Salary 94000
Patricia Gross Income
Gross Business Income 96000
Less - Business Expenses 53000 43000
137000

b. Adjusted Gross Income

Adjusted Gross Income
Gross Income 137000
Less - IRA Contribution 11000
(5500 * 2) 126000

c. Taxable Income & Tax

Adjusted Gross Income 126000
Less
Itemised Deduction 27500
Child Tax Credit 2000 29500
Taxable Income 96500
Tax on 96500 13,109.00
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