Mr. and Ms. Sumara have the following income items: Mr. Sumara's Schedule C net profit Ms....

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Mr. and Ms. Sumara have the following income items: Mr. Sumara's Schedule C net profit Ms. Sumara's Schedule C net loss Ms. Sumara's taxable pension Interest income Mr. Sumara's self-employment tax was $12,903. The couple has $26,050 itemized deductions. Ms. Sumara's Schedule C net business profit is qualified business income (non-service). $91,320 (7,480) 32,300 21,200 Required: Compute the couple's income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. AGI Taxable Income Income Tax Amount Mr. and Ms. Sumara have the following income items: Mr. Sumara's Schedule C net profit Ms. Sumara's Schedule C net loss Ms. Sumara's taxable pension Interest income Mr. Sumara's self-employment tax was $12,903. The couple has $26,050 itemized deductions. Ms. Sumara's Schedule C net business profit is qualified business income (non-service). $91,320 (7,480) 32,300 21,200 Required: Compute the couple's income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. AGI Taxable Income Income Tax Amount

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SOLUTION To compute the couples income tax on a joint return we need to calculate their Adjusted Gro... View the full answer