1. What is the business income to be reported on each Schedule C and then reported on the Schedule 1 of the tax return? 1. Schedule C 2. Schedule C 3. Schedule 1 4. Which line on Schedule 1 is where Schedule C income gets to be reported 2. Other income 1. Where is the interest reported initially: 2. Where are the dividends reported initially: 3. Where is the VA disability reported on the tax return 3. What is the total income to be reported on Schedule 1 before any adjustments 4. Calculate the total deductions allowed on Schedule A? Break it out by category: 1. Taxes 2. Interest Paid 3. Charitable Deductions 5. Is it better for Robert and Diana to take itemized or the standard deduction? Please explain your answer 6. What is the total taxable income for Robert and Diana 7. What is the total taxes owed as shown on line 16 of Form 1040? 8. Is Diana subject to the Self-Employment tax? 1. If so, where is it reported? 2. What is the self-employment tax rate for the following taxes? 1. Social Security 2. Medicare 9. Does the Self-Employment tax offer a tax deduction? If so, where is it reported? If not, why not? Robert and Diana are married and usually file a joint tax return. They each have the following income items 1. Robert, who is a controller of a company - W-2 Wages: 250,000. He is covered under a retirement plan at his work 2.Diana, who is an owner of two businesses. She is not covered by a retirement plan. a. An art studio, who produces art works for sale in their studio and offer paid tours of their art studio 1. Gross Income - $150,000 2. Expenses - $180,000 b. Design consultant, where she works to design office space for professional spaces (lawyers, accountants, engineers, doctors, etc). 1. Gross Income - $120,000 2. Expenses - $7,500 c. Other Income: 1. Interest Received: $400 2. Dividends Received: $1,500 3. Veteran's income for a military disability for Diana: $14,000 d. They have the following deductions: 1. Taxes: 1. Income Taxes withheld: $15,000 2. Income Taxes paid quarterly for Diana: $10,000 3. Real Property Taxes: $7,500 4. Personal Property Taxes: $1,200 2. Interest Paid 1.Interest on home: $22,000 2. Interest paid on investment in land: $4,000 3. Charitable Contributions 1. American Red Cross: $1,500 2. United Way: $1,200 3. George Mason Alumni Association: $2,500 e. In addition to the above part, they have 2 children. One is age 5 and one is 14, as of the end of the year. 1. What is the business income to be reported on each Schedule C and then reported on the Schedule 1 of the tax return? 1. Schedule C 2. Schedule C 3. Schedule 1 4. Which line on Schedule 1 is where Schedule C income gets to be reported 2. Other income 1. Where is the interest reported initially: 2. Where are the dividends reported initially: 3. Where is the VA disability reported on the tax return 3. What is the total income to be reported on Schedule 1 before any adjustments 4. Calculate the total deductions allowed on Schedule A? Break it out by category: 1. Taxes 2. Interest Paid 3. Charitable Deductions 5. Is it better for Robert and Diana to take itemized or the standard deduction? Please explain your answer 6. What is the total taxable income for Robert and Diana 7. What is the total taxes owed as shown on line 16 of Form 1040? 8. Is Diana subject to the Self-Employment tax? 1. If so, where is it reported? 2. What is the self-employment tax rate for the following taxes? 1. Social Security 2. Medicare 9. Does the Self-Employment tax offer a tax deduction? If so, where is it reported? If not, why not? Robert and Diana are married and usually file a joint tax return. They each have the following income items 1. Robert, who is a controller of a company - W-2 Wages: 250,000. He is covered under a retirement plan at his work 2.Diana, who is an owner of two businesses. She is not covered by a retirement plan. a. An art studio, who produces art works for sale in their studio and offer paid tours of their art studio 1. Gross Income - $150,000 2. Expenses - $180,000 b. Design consultant, where she works to design office space for professional spaces (lawyers, accountants, engineers, doctors, etc). 1. Gross Income - $120,000 2. Expenses - $7,500 c. Other Income: 1. Interest Received: $400 2. Dividends Received: $1,500 3. Veteran's income for a military disability for Diana: $14,000 d. They have the following deductions: 1. Taxes: 1. Income Taxes withheld: $15,000 2. Income Taxes paid quarterly for Diana: $10,000 3. Real Property Taxes: $7,500 4. Personal Property Taxes: $1,200 2. Interest Paid 1.Interest on home: $22,000 2. Interest paid on investment in land: $4,000 3. Charitable Contributions 1. American Red Cross: $1,500 2. United Way: $1,200 3. George Mason Alumni Association: $2,500 e. In addition to the above part, they have 2 children. One is age 5 and one is 14, as of the end of the year