**** Tax Information for the Thompsons for 2023: Wages: Sarah ($75,000), James ($60,000) Interest Income: $1,600 Dividend Income: $650 Long-term capital gains: $3,800 Qualified Business Income (QBI) from Sarah's sole proprietorship: $ 48,000 Itemized Deductions: Medical Expenses: $6,500, State and Local Taxes: $ 9,800, Charitable Contributions: $2,700 Allowable deduction for self- employment tax: $3,200 Calculate Sarah and James's: Adjusted Gross Income ( AGI) Taxable Income Potential Child Tax Credits Total Tax Liability (Before any other credits)
**** Tax Information for the Thompsons for 2023: Wages: Sarah ($75,000), James ($60,000) Interest Income: $1,600 Dividend Income: $650 Long-term capital gains: $3,800 Qualified Business Income (QBI) from Sarah's sole proprietorship: $ 48,000 Itemized Deductions: Medical Expenses: $6,500, State and Local Taxes: $ 9,800, Charitable Contributions: $2,700 Allowable deduction for self- employment tax: $3,200 Calculate Sarah and James's: Adjusted Gross Income ( AGI) Taxable Income Potential Child Tax Credits Total Tax Liability (Before any other credits)
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 24CE
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![**** Tax Information for the Thompsons for 2023: Wages: Sarah ($75,000), James
($60,000) Interest Income: $1,600 Dividend Income: $650 Long-term capital
gains: $3,800 Qualified Business Income (QBI) from Sarah's sole proprietorship: $
48,000 Itemized Deductions: Medical Expenses: $6,500, State and Local Taxes: $
9,800, Charitable Contributions: $2,700 Allowable deduction for self-
employment tax: $3,200 Calculate Sarah and James's: Adjusted Gross Income (
AGI) Taxable Income Potential Child Tax Credits Total Tax Liability (Before any
other credits)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffd297037-91ea-4082-a7ec-9d534291b0bb%2F7e0e12e7-d69f-47d1-b052-1c84a6ff3623%2F9wl5v73_processed.png&w=3840&q=75)
Transcribed Image Text:**** Tax Information for the Thompsons for 2023: Wages: Sarah ($75,000), James
($60,000) Interest Income: $1,600 Dividend Income: $650 Long-term capital
gains: $3,800 Qualified Business Income (QBI) from Sarah's sole proprietorship: $
48,000 Itemized Deductions: Medical Expenses: $6,500, State and Local Taxes: $
9,800, Charitable Contributions: $2,700 Allowable deduction for self-
employment tax: $3,200 Calculate Sarah and James's: Adjusted Gross Income (
AGI) Taxable Income Potential Child Tax Credits Total Tax Liability (Before any
other credits)
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