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 $600,000 Cost of Sales 65,900. Advertising 4,000. Depreciation 11,774 Insurance 2,000 Office expense 5,100 Payroll 300,000 Payroll taxes 30.000 Rent 50,000 Supplies 3,150 Taxes 1,200. Utilities 3,490 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. Here is a worksheet you can use for your calculation. Blank 8995 Page 1-1.pdf Question 1 What is the taxpayers net income on schedule C? Question 2 What is the amount of Self-employment tax? Question 3 What is the amount of the Adjusted Gross Incon Question 4 What is the amount of the standard deduct Question 5 What is the amount of the Qualified Busine Deduction? Question 6 What is the amount of the Taxable income? Question 9 What is the amount of Estimated Taxes Question 10 Refund or Balance Due? 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 $600,000 Cost of Sales 65,900. Advertising 4,000. Depreciation 11,774 Insurance 2,000 Office expense 5,100 Payroll 300,000 Payroll taxes 30.000 Rent 50,000 Supplies 3,150 Taxes 1,200. Utilities 3,490 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. Here is a worksheet you can use for your calculation. Blank 8995 Page 1-1.pdf Question 1 What is the taxpayers net income on schedule C? Question 2 What is the amount of Self-employment tax? Question 3 What is the amount of the Adjusted Gross Incon Question 4 What is the amount of the standard deduct Question 5 What is the amount of the Qualified Busine Deduction? Question 6 What is the amount of the Taxable income? Question 9 What is the amount of Estimated Taxes Question 10 Refund or Balance Due