Javiera and Janine are a married couple living in Washington, DC$.$ Javiera is an artist and adjunct professor at Howard University and earned $$75,000$ from teaching. She also sold a series of works totaling $$15,000$ this year. In getting her art sales and business off the ground in $2024,$ Javiera spent $$2,000$ on website development; $$600$ on fees to register her sole$-$proprietorship as an LLC with the D$.$C$.$ Department of Revenue; and another $$500$ for a printer and $$2,700$ on supplies including canvases and paint. She intends to file a Schedule C reflecting her business income and expenses. Javiera works exclusively from a bedroom she converted into a studio in their house, which they rent on Capitol Hill.

Janine is an associate at a major law firm and had a very good year $$ she earned $$315,000,$ including her bonus.

In $2024,$ You have been tasked with preparing an initial assessment of the couple$$s $2024$ tax return while your boss

is waiting for additional information to complete the return.

Complete the necessary lines of a draft $2024$

Form $1040$ to calculate the following items for the couple$$s return:

$1.$ Identify any dependents and credits

$2.$ Couple$$s Total $($Gross$)$ Income

$3.$ Adjusted Gross Income

$4.$ Prepare a draft Schedule SE$,$ Schedule C and Draft Schedule $1$

$5.$ Taxable income

$6.$ Tax Owed