Can you do this exact question but for 2022 Since the tax laws changed since 2015. Thank You!

I need help computing a Federal income Tax for 2021. would appreciate if you use all the appropriate forms and schedules in your answer !

sacengout tearming tic. Cerpagn Larring the apter Review Return Problems 48. David R. and Ela M. Cole (ages 39 and 38 , respectively) are tusband and wite who the at 1880 Critical Thiniede Elk Avense, Demer, CO B0202. David is a self- Tax Forms Probiem ertployed consultant specializing in retal mranagement, and Ela is a dentat ProConnect. Tax hygientst for a chain of dental dinics - Danid earned consulting fees of 5145,000 n 2021 . He maintaina hit own office and pays for all businets erpenses. The Coles we adecuately covered by the medicit plan provided by Elats enchloyer bot have chesen not to participate in 155 40t(k) tetrement plan. David's employmont related empenses for 2021 are summarized below The entertainment involved taking citenis to aporing and musical events. The business gitts consisted of 550gh cerriticstes to a naticnal restautant. These were sont by Bavid during the Crimatinas holidays to 18 of his major cients. In addition. David dioye his 2019 Ford Expedson 11,000 miles for businoss and 3,000 for personal use during 20pt. He purchased the Expedibon on August 15. 2018, and has ahwayn used the autcmate (standard) mileage method for tax purpeses. Parking and folls reiating to busiress use tolal $340 in 2021 . - When the Coles purchased their present fesidence in April 2018, they devoted 450 of the 3.000 square feet of tring space th an office for David. The property cost $440,000($40,000 of which is attributabla to the land) and has since appreciated in value. Expenses relating to the residence in 2021 (except for morfgage intepest and property taxes see below) are as follows: In terms of depteciation, the Coles use the MeNcps percentage tabies applicable to 39-year nonresidential real procerty As to depreciable peoperty ( 8.9, office furriture), David tries to avoid cacitatication and 4. Uses wtatever method provides the fastest write-eff far tue purposes. - Ela works ut a variety of offices al usubsttuat when a tywieniat ia il or on vaciston or when one of the dinies is particulinty buby (lg, prior to the begining of the school yeari. Aesides her transportacion, she mist provide and maintam her owl unilorms. Her experties for 2021 appear Coriespondence itusy course takint onititi cealing 420 with teest whatening procecoures? Ella's salary for the yoar in $42,000, and her foem W-2 for the year shows income tax withhoidings of 54,000 (Feseral) and 51.000 (state) find the proper-amount of Social Securty and Mescare taint. - Besides the liems niready mentioned, the Coles had the folowing receipts during 2021. For soveral years, the Coles' household tast incloded Darids divcroed mothec, Sarah, who has been plaimed as their dependert. in late. December 2020 , Sarah unexpectedly died of a heart artack in her aleep Unkonown to Elia and David, Sarah had a ite insurance polioy and a savings account (with David as the designalod tenefcary of each). in 2020, the Coles purchased two ATV for \$14,000. Aser several near mishaps, they dedded that the spot was too dangerous. in 2001, they sold the ArVs to their neighboc. - Additional expendtures for 2021 include: Funeral eupenves for soah Tax1 Alew property taves on penonal residence Colorado state income tar die ipud in Apcl 7221 lor ter wer 2000 ) In 2021, the Coles made quariecly estimated tax payments of 50,000 (Feqeral) and $500 (staie) for a situl of 574.000 (Tede a) and $2.000 (atale) Print Preview Using the appropriate forms and schedules, compute the Coles' Federal income tax for 2021. Disregard the alternative minimum tax (AMT) and various education credits since these items are not discussed until later in the text (Chapters 12 and 13). Relevant Social Security numbers are: The Coles have never owned or used any virtual currency. The Coles received the appropriate coronoavirus recovery rebates (economic impact payments); related questions in ProConnect Tax should be ignored. They do not want to contribute to the Presidential Election Campaign Fund. Also, the Coles want any overpayment of tax refunded to them and not applied toward next year's tax liability. David will have a self-employment tax liability; refer to Exhibit 13.9 in Chapter 13 to compute this liability. Suggested software: ProConnect Tax. sacengout tearming tic. Cerpagn Larring the apter Review Return Problems 48. David R. and Ela M. Cole (ages 39 and 38 , respectively) are tusband and wite who the at 1880 Critical Thiniede Elk Avense, Demer, CO B0202. David is a self- Tax Forms Probiem ertployed consultant specializing in retal mranagement, and Ela is a dentat ProConnect. Tax hygientst for a chain of dental dinics - Danid earned consulting fees of 5145,000 n 2021 . He maintaina hit own office and pays for all businets erpenses. The Coles we adecuately covered by the medicit plan provided by Elats enchloyer bot have chesen not to participate in 155 40t(k) tetrement plan. David's employmont related empenses for 2021 are summarized below The entertainment involved taking citenis to aporing and musical events. The business gitts consisted of 550gh cerriticstes to a naticnal restautant. These were sont by Bavid during the Crimatinas holidays to 18 of his major cients. In addition. David dioye his 2019 Ford Expedson 11,000 miles for businoss and 3,000 for personal use during 20pt. He purchased the Expedibon on August 15. 2018, and has ahwayn used the autcmate (standard) mileage method for tax purpeses. Parking and folls reiating to busiress use tolal $340 in 2021 . - When the Coles purchased their present fesidence in April 2018, they devoted 450 of the 3.000 square feet of tring space th an office for David. The property cost $440,000($40,000 of which is attributabla to the land) and has since appreciated in value. Expenses relating to the residence in 2021 (except for morfgage intepest and property taxes see below) are as follows: In terms of depteciation, the Coles use the MeNcps percentage tabies applicable to 39-year nonresidential real procerty As to depreciable peoperty ( 8.9, office furriture), David tries to avoid cacitatication and 4. Uses wtatever method provides the fastest write-eff far tue purposes. - Ela works ut a variety of offices al usubsttuat when a tywieniat ia il or on vaciston or when one of the dinies is particulinty buby (lg, prior to the begining of the school yeari. Aesides her transportacion, she mist provide and maintam her owl unilorms. Her experties for 2021 appear Coriespondence itusy course takint onititi cealing 420 with teest whatening procecoures? Ella's salary for the yoar in $42,000, and her foem W-2 for the year shows income tax withhoidings of 54,000 (Feseral) and 51.000 (state) find the proper-amount of Social Securty and Mescare taint. - Besides the liems niready mentioned, the Coles had the folowing receipts during 2021. For soveral years, the Coles' household tast incloded Darids divcroed mothec, Sarah, who has been plaimed as their dependert. in late. December 2020 , Sarah unexpectedly died of a heart artack in her aleep Unkonown to Elia and David, Sarah had a ite insurance polioy and a savings account (with David as the designalod tenefcary of each). in 2020, the Coles purchased two ATV for \$14,000. Aser several near mishaps, they dedded that the spot was too dangerous. in 2001, they sold the ArVs to their neighboc. - Additional expendtures for 2021 include: Funeral eupenves for soah Tax1 Alew property taves on penonal residence Colorado state income tar die ipud in Apcl 7221 lor ter wer 2000 ) In 2021, the Coles made quariecly estimated tax payments of 50,000 (Feqeral) and $500 (staie) for a situl of 574.000 (Tede a) and $2.000 (atale) Print Preview Using the appropriate forms and schedules, compute the Coles' Federal income tax for 2021. Disregard the alternative minimum tax (AMT) and various education credits since these items are not discussed until later in the text (Chapters 12 and 13). Relevant Social Security numbers are: The Coles have never owned or used any virtual currency. The Coles received the appropriate coronoavirus recovery rebates (economic impact payments); related questions in ProConnect Tax should be ignored. They do not want to contribute to the Presidential Election Campaign Fund. Also, the Coles want any overpayment of tax refunded to them and not applied toward next year's tax liability. David will have a self-employment tax liability; refer to Exhibit 13.9 in Chapter 13 to compute this liability. Suggested software: ProConnect Tax