Alex and Addison are married and have the following income items: Alex's salary Addison's Schedule C...

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Alex and Addison are married and have the following income items: Alex's salary Addison's Schedule C net profit Interest income $ 64,750 45,200 2,500 Addison's self-employment tax was $6,387. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $10,470 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. AGI Taxable Income Income Tax Amount Alex and Addison are married and have the following income items: Alex's salary Addison's Schedule C net profit Interest income $ 64,750 45,200 2,500 Addison's self-employment tax was $6,387. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $10,470 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. AGI Taxable Income Income Tax Amount

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To compute the income tax on a joint return for Alex and Addison we need to follow the steps below 1 ... View the full answer