Mr. and Mrs. Wilson are married with one dependent child. They report the following information for 2016:

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Mr. and Mrs. Wilson are married with one dependent child. They report the following information for 2016:

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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Related Book For  answer-question

Principles Of Taxation For Business And Investment Planning 2017

ISBN: 9781259753015

20th Edition

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

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