Mr. and Mrs. Daku had the following income items: Mr. Daku's salary Mrs. Daku's Schedule C...

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Mr. and Mrs. Daku had the following income items: Mr. Daku's salary Mrs. Daku's Schedule C net profit Interest income $ 52,500 41,800 1,300 Mrs. Daku's self-employment tax was $5,906. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. 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 2018. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) AGI $ 92,647 Taxable income Income tax INDIVIDUAL TAX RATES Married Filling Jointly and Surviving Spouse If taxable income is: The tax is Not over $19.050 10% of taxable income Over $19.050 but not over $77.400 $1,905.00 + 12% of excess over $19,050 Over $77.400 but not over $165.000 $8.907.00 +22% of excess over $77.400 Over $165,000 but not over $315,000 $28.179.00 +24% of excess over $165.000 Over $315,000 but not over $400,000 $64,179.00 + 329 of excess over $315.000 Over $400,000 but not over $500,000 $91,379.00 + 35% of excess over $400,000 Over $600,000 $161.379.00 + 37% of excess over $600,000 Married Filing Separately The tax is: I taxable income is Not Over $9.525 Over $9,525 but not over $38.700 Over $38.700 but not over $82.500 Over $82.500 but not over $157.500 Over $157.500 but not over $200,000 Over $200,000 but not over $300,000 Over $300,000 10% of taxable income $952.50 +12% of excess over $9.525 4,453.50 +22% of excess over $38.700 $14,089.50 +24% of excess over $82,500 $32,089.50 + 32% of excess over $157,500 $45,689.50 + 35% of excess over $200,000 $80,689.50 + 37% of excess over $300,000 if taxable income is: Not over $13,600 Over $13.600 but not over $51,800 Over $51.800 but not over $82,500 Over $82.500 but not over $157.500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 Over $500,000 Heads of Household The tax is: 10% of taxable income $1,360.00 + 12% of excess over $13,600 $5,944.00 + 22% of excess over $51,800 $12.698.00 +24% of excess over $82,500 $30,698.00 + 32% of excess over $157,500 $44,298.00 + 35% of excess over $200,000 $149,298.00 + 37% of excess over $500,000 Single The tax is: If taxable income is: Not over $9,525 Over 59,525 but not over $38.700 Over $38,700 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 Over $500,000 10% of taxable income $952.50 +12% of excess over $9.525 $4453.50 +22% of excess over $38,700 $14,089.50 +24% of excess over $82,500 $32,089.50 +32% of excess over $157,500 $45,689.50 +35% of excess over $200,000 $150.689.50 + 37% of excess Over $500.000 ESTATE AND TRUST TAX RATES If taxable income is: Not Over $2,550 Over $2.550 not over $9,150 Over $9,150 not over $12,500 Over $12.500 The taxis 10% of taxable income $255 +24% of the excess over $2.550 $1,839 + 35% of the excess over $9.150 $3.011.50 + 37% of the excess over $12.500 Married filing jointly and surviving spouses Married filing separately Head of household Single $24,000 12,000 18,000 12,000

 · Answer

Dakus salary	52500
Sch-C net profit	41800
Interest income	1300
Less:Self-employment tax (5906/2)	(2953)
AGI	92,647
Less:Greater of itemized deduction or standard deduction	(24000)
Taxable income before QBI	68,647
Less. QBI deduction, lessor of (6864720% or 4180020%)	(8,360)
Taxable income	60,287
Income tax [1905+(60287-19050)x12%]	$6,853
ANY DOUBTS OR CORRECTIONS??? FEEL FREE TO COMMENT BELOW PLEASE RATE BY HITTING ?? THANK YOU!

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Mr. and Mrs. Daku had the following income items: Mr. Daku's salary Mrs. Daku's Schedule C...

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