Mr. and Mrs. Wilson are married (MFJ) with one dependent child. They report the following...
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Accounting
Mr. and Mrs. Wilson are married (MFJ) with one dependent child. They report the following information for 2020:
| 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 | |
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.)
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