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Can you please create tax returns for this. The tax returns are suppose to be made on the IRS forms. The form name and numbers
Can you please create tax returns for this. The tax returns are suppose to be made on the IRS forms. The form name and numbers are included in the attachments.
check figures john and mary Form Line# 1040 12 13 17 22 27 40 44 57 78 13,500 23,500 7,848 144,848 954 16,550 18,999 1,907 6,007 29 11 29 18 21 23,500 16,550 15,000 13,500 2,852 7,848 8949 Sch A C E Part 2 John and Mary Patel file their 2016 tax return as married filing joint return. Both are teachers at HISD. Each makes $50,000 salary. Income tax withheld are 15% of their gross wages, Medicare tax withheld is 1.45% of their wages and no social security tax was withheld They own a rental property which they bought in 01/01/2000 for $85,000 with a land value of $8500. Income and expenses on the rental property is as follows: Rent income 18,000 Real estate taxes 3000 Sche E Mortgage interest 2500 Maintenance and cleaning 1500 Utilities 300 Depreciation ? They also bought air condition unit on 05/01/2016 for 850 and changed a roof on 10/12/2016 at a cost of $1200 Form 4562 Their stock transactions are as follows: Date of Purchase IBM stock 1/1/2010 XYZ Stock 1/1/2014 Date Sold 9/30/2016 8/30/2016 Quantity Bought 500 1000 Quantity Sold 250 1000 Cost of each Share 250 2.5 Sale price of each share 350 1 John also owns a consulting business. His income and expenses are as follows: Consulting income 45000 Schedule C Expense Contract labor 15000 Supplies 1500 He bought a specialized computer for his business for $15000 on 01/01/2016. He wants to take maximum depreciation on his computer. Mortgage Interest on House Real Estate Taxes Charitable Contribution Medical Expenses Insurance on House Required: Prepare income tax for John and Mary for 2016 9500 5200 1850 5620 2350 Sch A and form 1040 Schedle D and Form 894 erty is as follows: Schedle D and Form 8949Step by Step Solution
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