Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need help with this it is turbotax Christopher Student (age 42) owns and operates a health club called Catawba Fitness. The business is located

i need help with this it is turbotax image text in transcribed
Christopher Student (age 42) owns and operates a health club called "Catawba Fitness". The business is located at 4321 New Cut Road, Spartanburg, SC 29303. The principal business code is 812190. Chris had the following income and expenses from the health club. Income Expenses 213800 Business Insurance Office Supplies Payroll Payroll Taxes Travel Equipment & Club Maintenance Cleaning Service Equipment Rent Telephone Utilities Rent Advertising Special Workout Clothing Subscription to Health Magazine Educational Seminar Other Expenses 3775 3335 98900 9210 2420 10333 8775 22820 2780 13975 29800 5150 780 120 875 1830 The Business uses the Cash method of Accounting and has not accounts receivable or inventory held for sale. Student has the following interest income for the year: Upper Piedmont Savings Bank savings account Morgan Bank bond portfolio interest Piedmont City Municipal Bond 12831 11025 350 Student has been widowed for 10 years with a dependent son, Arnold (ss#276-23-3954), and he files his tax return as head of household because he has an 18 year old son, Arnold. Arnold is an 18-year old high School student. They live next door to the health club at 4323 New Cut Road. Chris' Social Security number is 565-12-6789. He made an estimated tax payment to the IRS of $2000 on April 15, 2016. Student also has Total Wages of $2500 from IBM with a Federal Withholding Tax of $380. Prepare Student's taxes using all the necessary forms and schedules. Please make up any additional information where needed. Christopher Student (age 42) owns and operates a health club called "Catawba Fitness". The business is located at 4321 New Cut Road, Spartanburg, SC 29303. The principal business code is 812190. Chris had the following income and expenses from the health club. Income Expenses 213800 Business Insurance Office Supplies Payroll Payroll Taxes Travel Equipment & Club Maintenance Cleaning Service Equipment Rent Telephone Utilities Rent Advertising Special Workout Clothing Subscription to Health Magazine Educational Seminar Other Expenses 3775 3335 98900 9210 2420 10333 8775 22820 2780 13975 29800 5150 780 120 875 1830 The Business uses the Cash method of Accounting and has not accounts receivable or inventory held for sale. Student has the following interest income for the year: Upper Piedmont Savings Bank savings account Morgan Bank bond portfolio interest Piedmont City Municipal Bond 12831 11025 350 Student has been widowed for 10 years with a dependent son, Arnold (ss#276-23-3954), and he files his tax return as head of household because he has an 18 year old son, Arnold. Arnold is an 18-year old high School student. They live next door to the health club at 4323 New Cut Road. Chris' Social Security number is 565-12-6789. He made an estimated tax payment to the IRS of $2000 on April 15, 2016. Student also has Total Wages of $2500 from IBM with a Federal Withholding Tax of $380. Prepare Student's taxes using all the necessary forms and schedules. Please make up any additional information where needed

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

Auto Body And Repair Industry IRS Audit Techniques Guide

Authors: Internal Revenue Service

1st Edition

1304131661, 978-1304131669

More Books

Students also viewed these Accounting questions