Business, 23.03.2021 01:00 mandy9386

Mr. and Mrs. Wilson are married (MFJ) with one dependent child. They report the following information for 2020: 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 27,000 Required: Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualified business income (non-service income) under Section 199A. Assume the taxable year is 2020

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Mr. and Mrs. Wilson are married (MFJ) with one dependent child. They report the following informatio...

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