Standard Deduction for "married filing jointly" is $25,900 Alex and Addison are married and...
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Accounting
Standard Deduction for "married filing jointly" is $25,900
Alex and Addison are married and have the following income items: Addison's self-employment tax was $6,358. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $8.770 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2022 . Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. \begin{tabular}{|l|l|} \hline If taxable income is & The tax is \\ \hline Not over $20,550 & 10% of taxable income \\ \hline Over $20,550 but not over $83,550 & $2,055.00+12% of excess over $20,550 \\ \hline Over $83,550 but not over $178,150 & $9,615.00+22% of excess over $83,550 \\ \hline Over $178,150 but not over $340,100 & $30,427.00+24% of excess over $178,150 \\ \hline Over $340,100 but not over $431,900 & $69,295.00+32% of excess over $340,100 \\ \hline Over $431,900 but not over $647,850 & $98,671.00+35% of excess over $431,900 \\ \hline Over $647,850 & $174,253.50+37% of excess over $647,850 \\ \hline \end{tabular}
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