Mr. and Mrs. Wilson are married (MFJ) with one dependent child. They report the following...
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Accounting
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. UseIndividual Tax Rate Schedules and Standard Deduction Table. (Do not round intermediate computations. Round your final answers to the nearest whole dollar amount.)
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