Check my for the work you have completed so far. It does not indicate work mode:

Question

Check my for the work you have completed so far. It does not indicate work mode: This shows what is correct or incorrect completion Return to question 6 Mr. and Mrs. D had the following income items: Mr. D's salary Mrs. D's Schedule C net profit Interest income $55,250 44,988 1,400 ints Mrs. D's self-employment tax was $6,340. The couple had $4.050 itemized deductions and no children or other dependents. Compute their income tax on a joint return. Assume the taxable year is 2017. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate colculations and final answers to the nearest whole dollar amount.) Answer is not complete. AGI Taxable Income Income tax S 98,380

Explanation / Answer

Total income = 55,250 + 44,900 + 1,400 = $101,550

AGI = Total income - Above the line (ATL) = 101,550 - 6,340 * 0.5 = $98,380

Taxable income = AGI - standard deduction - exemption amount (itemize deduction) = 98,380 - 12,700 - 4,050 = $81,630

Income tax = 10,452.50 + (81,630 - 75,900)*0.25 = $11,885

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