Page 3 of 3 Comprehensive Tax Return Project ACCT 125Fall 2023 Instructions Prepare a 2021 Federal Tax Return based on the client information below. You will manually complete form 1040 and all required supplementary schedules. This problem represents tax concepts that you have already performed during the semester, so all of this should seem familiar to you. Please reference the tax forms and schedules we have completed for chapters 1-6. To complete the tax return, print out all of the required forms and schedules and manually enter the numbers and information using pencil or pen. Or, if you choose, you can input directly into the electronic PDF document and save electronically. In either case, your will submit (upload) all of the tax forms completed into our Canvas course. Additionally, you will answer various questions about the results of the tax return within Canvas. Tax Client Scenario Client and Family Information Michael PeppWhat is the Total Income from line 9 of form 1040? 79,971 IncorrectQuestion 2 0 / 5 pts What is the Adjusted Gross Income from line 11 of form 1040? 79,222.84 Question 3 5 / 5 pts Was the standard deduction or itemized deduction better or the client? Itemized Deduction Standard Deduction Question 4 5 / 5 pts What was taxable income from line 15 of form 1040? 46,292.68 Question 5 5 / 5 pts What was calculated tax from line 16 of form 1040? 5,156.72 IncorrectQuestion 6 0 / 5 pts What was total additional income from Schedule 1 line 10? 473.16 IncorrectQuestion 7 0 / 5 pts What was total adjustments to income from Schedule 1 line 26? 748.16 IncorrectQuestion 8 0 / 5 pts What was the net profit from Schedule C Line 31? 1,705 IncorrectQuestion 9 0 / 5 pts What was total self employment tax from Schedule SE line 12? 109.77 IncorrectQuestion 10 0 / 5 pts What was the net tax liability (line 37) or refund (line 35)? Either answer can be provided as a positive number. 4,896.35 in is 49 years old (borWhat is the Total Income from line 9 of form 1040?

IncorrectQuestion 2

0 / 5 pts

What is the Adjusted Gross Income from line 11 of form 1040?

Question 3

5 / 5 pts

Was the standard deduction or itemized deduction better or the client?

Itemized Deduction

Standard Deduction

Question 4

5 / 5 pts

What was taxable income from line 15 of form 1040?

Question 5

5 / 5 pts

What was calculated tax from line 16 of form 1040?

IncorrectQuestion 6

0 / 5 pts

What was total additional income from Schedule 1 line 10?

IncorrectQuestion 7

0 / 5 pts

What was total adjustments to income from Schedule 1 line 26?

IncorrectQuestion 8

0 / 5 pts

What was the net profit from Schedule C Line 31?

IncorrectQuestion 9

0 / 5 pts

What was total self employment tax from Schedule SE line 12?

IncorrectQuestion 10

0 / 5 pts

What was the net tax liability (line 37) or refund (line 35)? Either answer can be provided as a positive number.

n December 10, 1972) and a high school art teacher