Mr. and Mrs. Wilson are married with one dependent child. They report the following information for 2017:
Question:
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).
Step by Step Answer:
Principles Of Taxation For Business And Investment Planning 2018
ISBN: 9781259713729
21st Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan