Homework Answers
AGI = Mr. Daku’s salary+Mrs. Daku’s Schedule C net profit+Interest income-(1/2 * Mrs. Daku’s self-employment tax) = 49750+33300+2450-(1/2*4705) = $83148
Taxable income = AGI-Standard deduction – Section 199A deduction = 83148-24000-(20%*33300) = $52488 (standard deduction for married filing jointly in 2018 is $24000)
Income tax = 1905+(12%*(52488-19050)) = $5918 (using tax rate schedule of married filing jointly)
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33 Mr. and Mrs. Daku had the following income items: Mr Daku'a salary $49,750 5 Mrs....
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Mr. and Mrs. Daku have the following income items. Mr. Daku's salary Mrs. Daku's Schedule C...
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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...
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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...
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