Below is the information needed to complete a tax return. The individual is single. They are a US citizen and cannot be claimed as a qualifying child or dependent of another person. The person's birth date is June 23, 1969. They operate a small business and the records are kept on the cash basis of accounting. They ask you to prepare the tax return for calendar year 2019.

Below is the information needed to complete a tax return. The individual is single. They are a US citizen and cannot be claimed as a qualifying child or dependent of another person. The person's birth date is June 23, 1969. They operate a small business and the records are kept on the cash basis of accounting. They ask you to prepare the tax return for calendar year 2019.

• Sales $175,000.
• Cost of Sales 65,900.
• Advertising 3,100.
• Depreciation 11,774.
• Insurance 2,000.
• Office expense 5,500.
• Payroll 0.
• Payroll taxes 0.
• Rent 9,000.
• Supplies 2,800.
• Taxes 550.
• Utilities 3,400.

The taxpayer paid total estimated taxes for calendar year 2019 in the amount of $17,400. Don't forget to calculate the Qualified Business Income Deduction for the business.

1.What is the amount of the Taxable Income?

2.What is the amount of the income tax?

3.What is the amount of Estimated Taxes paid?

4.What is the total amount of tax on the return?

5. Is there Refund or Balance Due?