Mr. and Mrs. Simpson have the following income items: ...
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Accounting
Mr. and Mrs. Simpson have the following income items:
Mr. Simpsons Schedule C net profit
$
91,320
Mrs. Simpsons Schedule C net loss
(7,480
)
Mrs. Simpsons taxable pension
32,300
Interest Income
21,200
Mr. Simpsons self-employment tax was $12,903. The couple had $26,050 itemized deductions. The couples Schedule C net business profit is qualified business income under Section 199A. Compute their income tax on a joint return. Assume the taxable year is 2018.
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