part 1 tax computation

need to use 2018 tax forms

d Federal income tax payments of s2 s of $350. Mortgage interest of TEM Sales taxes paid During the year, Devon makes estimated Federal income tax Compute Devon's lowest net tax payable or refund due for 20 makes any available elections that will reduce the tax. If you computations, you will need Form 1040 and its Schedules 1. 4. SE and Forms 4562, 8824, and 8949. Suggested software: ProConnect 96. Tom and Alice Honeycutt, ages 45 and 46, respectively, live at 1 Delton, MI 49046. Tom is a county employee, and Alice is a self-em tant. Tom's Social Security number is 111-11-1111; Alice's Social Se 123-45-6789. The income and expenses associated with Alice's accou for 2019 are as follows: Revenues (cash receipts during 2019) for 2018 assuming that he If you use tax forms for 1.4,5, A, B, C, D, and roConnect Tax Online, live at 101 Glass Road a self-employed accoun- ire's Social Security number is d with Alice's accounting practice $185,000 $ 45,000 Expenses Salaries 3,200 Office supplies 2,900 Postage 42,000 Depreciation of equipment 800 Telephone $ 93,900 Because Alice is a cash method taxpayer, she does not record her receivables as rev enue until she receives cash payment. At the beginning of 2019, her accounts recent able were $18,000, and the balance had decreased to $8,000 by the end of the year Alice used one room in their 10-room house as the office for her accounts practice (400 square feet out of a total square footage of 4,000). They paid lowing expenses related to the house during 2019: Utilities S ong $4,500 Insurance 2,100 Property taxes 0 5 ,200 Repairs 3,500 . Tom and Alice purchased the house on September 1, 2018, for sive of land cost). ". They paid the fol 8, for $400,000 (exclu Social Security number ate amounts of Social 9,000 of Federal income Tom and Alice have one child, Connor, age 18. Connor's Socials is 123-45-6788. Tom received a salary of $50,000 during 2019. The appropriate Security tax and Medicare tax were withheld. In addition, $5,000 taxes and $2,000 of state income taxes were withheld. Tom and Alice's allowable itemized deductions during 2017 ized deductions related to the house, were $20,600. They made income tax payments of $20,000 Part 1-Tax Computation Compute Tom and Alice's lowest net tax payable or refund due Part 2Tax Planning 18 2019, excluding any made estimated Feder refund due for 2019. d Federal income tax payments of s2 s of $350. Mortgage interest of TEM Sales taxes paid During the year, Devon makes estimated Federal income tax Compute Devon's lowest net tax payable or refund due for 20 makes any available elections that will reduce the tax. If you computations, you will need Form 1040 and its Schedules 1. 4. SE and Forms 4562, 8824, and 8949. Suggested software: ProConnect 96. Tom and Alice Honeycutt, ages 45 and 46, respectively, live at 1 Delton, MI 49046. Tom is a county employee, and Alice is a self-em tant. Tom's Social Security number is 111-11-1111; Alice's Social Se 123-45-6789. The income and expenses associated with Alice's accou for 2019 are as follows: Revenues (cash receipts during 2019) for 2018 assuming that he If you use tax forms for 1.4,5, A, B, C, D, and roConnect Tax Online, live at 101 Glass Road a self-employed accoun- ire's Social Security number is d with Alice's accounting practice $185,000 $ 45,000 Expenses Salaries 3,200 Office supplies 2,900 Postage 42,000 Depreciation of equipment 800 Telephone $ 93,900 Because Alice is a cash method taxpayer, she does not record her receivables as rev enue until she receives cash payment. At the beginning of 2019, her accounts recent able were $18,000, and the balance had decreased to $8,000 by the end of the year Alice used one room in their 10-room house as the office for her accounts practice (400 square feet out of a total square footage of 4,000). They paid lowing expenses related to the house during 2019: Utilities S ong $4,500 Insurance 2,100 Property taxes 0 5 ,200 Repairs 3,500 . Tom and Alice purchased the house on September 1, 2018, for sive of land cost). ". They paid the fol 8, for $400,000 (exclu Social Security number ate amounts of Social 9,000 of Federal income Tom and Alice have one child, Connor, age 18. Connor's Socials is 123-45-6788. Tom received a salary of $50,000 during 2019. The appropriate Security tax and Medicare tax were withheld. In addition, $5,000 taxes and $2,000 of state income taxes were withheld. Tom and Alice's allowable itemized deductions during 2017 ized deductions related to the house, were $20,600. They made income tax payments of $20,000 Part 1-Tax Computation Compute Tom and Alice's lowest net tax payable or refund due Part 2Tax Planning 18 2019, excluding any made estimated Feder refund due for 2019