Question

4.      Ruth and Jim (MFJ) have collective income of $150,000. Jim's

W2 shows $60,000 (and federal tax withheld of $10,000), and Ruth's clothing store shows $90,000 income. Ruth has not paid any Estimated Taxes.
a. What is their taxable income?
b. What is the tax amount for this couple?


Tip: Don't forget to calculate 20% QBI

Subject: Accounting, Business
4.Ruth and Jim (MFJ) have collective income of $150,000. Jim's W2 shows $60,000 (and federal tax withheld of $10,000), and Ruth's clothing store
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