Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1 mr. and mrs. wilson are married (mfj) with one d

1 Mr. and Mrs. Wilson are married (MFJ) with one dependent child. They report the...

90.2K

Verified Solution

Question

Accounting

image

1 Mr. and Mrs. Wilson are married (MFJ) with one dependent child. They report the following information for 2020: 2.5 Points 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 Brants Company Dependent care credit Itemized deductions $ 66,650 2,100 9,418 12,000 75,000 500 27,000 Required: Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualified business income (non-service income) under Section 199A. Assume the taxable year is 2020. Use Individual Tax Rate Schedules and Standard Deduction Table. (Do not round intermediate computations. Round your final answers to the nearest whole dollar amount.) X Answer is not complete. $ AGI Taxable income Total tax liability Amount 151,041 110,711 x $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students