Question
4.Sam is single, under 65, and has no children. He claims a standard deduction. He has his own business: Consulting Income150,000 Rent12,000 Travel10,000 Country club
4.Sam is single, under 65, and has no children. He claims a standard deduction. He has his own business:
Consulting Income150,000
Rent12,000
Travel10,000
Country club dues6,000
Miles are 3,000 driven throughout the year
Meals4,000
Supplies3,000
Federal estimated tax payments20,000
Compute his tax due or refund. Be sure to compute his self-employment tax and qualified business income deduction.
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Managerial Accounting
Authors: Ray H Garrison, Alan Webb, Theresa Libby
11th Canadian Edition
1259275817, 978-1259275814
