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Below is the information needed to complete a tax return. The individual is single. They are US citizens and cannot be claimed as a qualifying

image text in transcribedBelow is the information needed to complete a tax return. The individual is single. They are US citizens and cannot be claimed as a qualifying child or dependent on 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 the 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 the 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 yourimage text in transcribed

What is the amount of Self-employment tax? Refund or Balance Due? Refund Balance Due What is the amount of Self-employment tax? Refund or Balance Due? Refund Balance Due

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