Jason and Jill are married and have a six-year-old daughter. During the year, they sell one acre of land for $80,000. Three years ago, they paid $70,000 for two acres of land. Their other income and deductions are as follows:
Jill's commissions $82,000
Jason's salary 46,000
Dividend income 5,000
Interest income 8,000
Short-term loss on sale of stock in Nippon Inc. 15,000
Deductions for adjusted gross income 28,000
The standard deduction is $12,600 for married taxpayers filing jointly. The personal and dependency exeption is $4,000. Dividends and net long-term capital gains are taxed at a rate of 15%.
Round intermediate calculations to the nearest dollar.
Jason and Jill's taxable income is $ . The tax on their eligible dividends and capital gains is $ and totalincome tax liability is $ for the current year.

James jones is the owner of a small retail business operated as a sole proprietorship. during 2017, his business recorded the following items of income and expense: revenue from inventory sales $ 147,000 cost of goods sold 33,500 business license tax 2,400 rent on retail space 42,000 supplies 15,000 wages paid to employees 22,000 payroll taxes 1,700 utilities 3,600 compute taxable income attributable to the sole proprietorship by completing schedule c to be included in james’s 2017 form 1040. compute self-employment tax payable on the earnings of james’s sole proprietorship by completing a 2017 schedule se, form 1040. assume your answers to parts a and b are the same for 2018. further assume that james's business is not a service business, and that it has $155,000 unadjusted basis in tangible depreciable property. calculate james's 2018 section 199a deduction.