Mr and Mrs D had the following income items Mr Ds salary 52

Mr. and Mrs. D had the following income items: Mr. D’s salary $ 52,500 Mrs. D’s Schedule C net profit 41,800 Interest income 1,300 Mrs. D’s self-employment tax was $5,906. The couple had $8,070 itemized deductions and no children or other dependents. Compute their income tax on a joint return. Assume the taxable year is 2017.

Solution

D\'S SALARY 52500 NET PROFIT 41800 INTEREST INCOME 1300 TOTAL INCOME 95600 ALLOWABLE SELF EMPLOYMENT TAX 5906 2953 AGI 92647 LESS: ALL DEDUCTIONS 20600 TAXABLE INCOME 72047 INCOME TAX 9885