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The Chungs are married with one dependent child. They report the following information for 2023...

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Accounting

The Chungs are married with one dependent child. They report the following information for 2023 :
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 2023. Use Individual Tax Rate Schedules and Standard Deduction Table.
Note: Do not round intermediate computations. Round your final answers to the nearest whole dollar
amount.
Answer is complete but not entirely correct.
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