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 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 your

What is the amount of Self-employment tax? What is the amount of Self-employment tax

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

Step: 3

blur-text-image

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

More Books

Students also viewed these Accounting questions