Mr. and Mrs. Wilson are married with one dependent child. They report the following information for 2017:

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Mr. and Mrs. Wilson are married with one dependent child. They report the following information for 2017:

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........................................................15,000

Compute AGI, taxable income, and total tax liability (including self-employment tax).

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Principles Of Taxation For Business And Investment Planning 2018

ISBN: 9781259713729

21st Edition

Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan

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