Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 $500,000.

Cost of Sales 65,900.

Advertising 4,000.

Depreciation 11,774.

Insurance 2,000.

Office expense 2,250.

Payroll 210,000.

Payroll taxes 21.000.

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

Flag this Question

Question 110 pts

What is the taxpayers net income on schedule C?

Flag this Question

Question 210 pts

What is the amount of Self-employment tax?

Flag this Question

Question 310 pts

What is the amount of the Adjusted Gross Income?

Flag this Question

Question 410 pts

What is the amount of the standard deduction?

Flag this Question

Question 510 pts

What is the amount of the Qualified Business Income Deduction?

Flag this Question

Question 610 pts

What is the amount of the Taxable Income?

Flag this Question

Question 710 pts

What is the amount of the income tax?

Flag this Question

Question 810 pts

What is the total amount of tax on the return?

Flag this Question

Question 910 pts

What is the amount of Estimated Taxes paid?

Flag this Question

Question 1010 pts

Refund or Balance Due? Refund or Balance Due

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Wiley Federal Government Auditing Laws Regulations Standards And Practices

Authors: Edward F. Kearney, Roldan Fernandez, Jeffrey W. Green, David M. Zavada

2nd Edition

1118555856, 978-1118555859

More Books

Students also viewed these Accounting questions