Please help me do this. I have the table Tax Rate Schedules at the bottom.

I know Chegg has results, but it is incomplete. I need form 1040 and Schedule 1 with the data already filled in. Finally is a written explanation for each line item by form/schedule.

Importantly, I need a table explaining how to calculate the numbers from form 1040 and Schedule 1.

Thank you

Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda owns her own business. They file a joint return.

Personal items:

Wages / Salaries: $105,000 (Includes both Lance and Wanda)

Interest Income: 1,100

Child support payments to John Allen: 8,000

Alimony payments to John Allen: 7,200

Lottery winnings: 870

Federal income tax withholding: 13,000

State income tax withheld: 4,500

Wanda was previously married to John Allen, they divorced several years ago (prior to 2018). Under the divorce decree, Wanda was obligated to pay alimony to John. She paid him $7,200 throughout the year, which agreed with the divorce decree.

Wanda is the owner of her own business. Throughout the year she earned $20,000 of taxable income from this business (taxed as an S-Corp). Additionally, Lance and Wanda had:

(1) Sale of LMN publically traded stock on 2/15/2021 for $4,000 (originally purchased for $8,000 on 8/15/2020)

(2) Sale of QRS publically traded stock on 10/15/2021 for $17,000 (originally purchased for $7,000 on 12/15/2019)

(3) Sale of a boat on 5/15/2021 for $10,000 used for personal recreation (originally purchased for $20,000 on 6/15/2016)

(4) Wanda inherited publically traded stock worth $30,000 from a deceased uncle on September 30, 2021

(5) Immediately after receiving this stock, Wanda sold it for $30,000. This stock was originally purchased by his uncle on January 15th, 2018 for $23,000

Prepare the 2021 Federal income tax return for Lance and Wanda Dean. This is an individual assignment. It is required that you submit both the (1) tax return and a (2) brief explanation for line items on the return.

Please submit the following forms: (1) Cover page with your name, (2) 1040, (3) Schedule 1, and (4) a written explanation for each line item by form/schedule.

The written explanation should be focused on calculations and explanations. I don't need a list of every single line, just lines with calculations. Make sure the explanations match the numbers on the actual forms, if they do not, I will deduct points. Normally, this tax return would require additional forms including schedule D, E, and form 8995. I do not want these additional forms prepared, I only want the forms listed above prepared. These additional forms would include the information that I expect to have in the explanations write-up (i.e. calculations, explanations, justifications, etc.).

Hints:

1) Gambling winnings are reported on Schedule 1 line 8b.

2) The income from Wanda's business will be reported on Schedule 1 line 5.

3) Capital gains/losses are reported on form 1040 line 7. Make sure to include a calculation.

4) The taxpayer has a tax refund. There should be something on line 34 Form 1040.

5) Assume the taxpayers have adequate health insurance (i.e. ignore any health insurance items on the returns).

6) Do not forget the Qualified Business Income Deduction, line 13 form 1040. Assume Wanda qualifies for this deduction. In Chapter 15, we can discuss the rules in more detail. Assume that the QBID is a deduction equal to 20% of Qualified Business Income (QBI). With QBI being equal to net total of Schedule 1 line 5.

7) Take the standard deduction 8) S corps are not subject to Self-Employment Tax. 9) Don't forget to check the box for filing status (Single, MFJ, HOH, or MFS).

Exam 1 items 2021 2022.pdf X X 12 3 6 o a File C/CSUF/ACCT%20308/Exam%201%20items-2021-2022.pdf M Gmail Maps A Leading csu Cal... MGMT 340 ISDS 3618 ISDS 2616 AOCT 2014 Spectrum.net Ham... Rate My Professors Google Dich Chegy - Save up to... o 'Shuumatsu Nani S... Lenovo 1 of 2 Q + + D Page view A Read aloud | Add textDraw Highlight Erase APPENDIX A Tax Formulas, Tax Rate Schedules, and Tabes A-3 of the amount over $ 0 10W 14,100 53,700 85,500 163,300 207,350 2020 Tax Rate Schedules Single-Schedule X Head of household-Schedule z if taxable of the If taxable income is: But nor amount income is: But nor Over- over The tax is: Over Over over- The taxis $ 0 $ 9,875 $ 0 $ 0 $ 14,100 ... 10% 9.875 40,125 $ 987.50 + 12% 9.875 14,100 53,700 $ 1.410.00 + 12% 40.125 85,525 4,617.50 + 22% 40,125 53,700 85,500 6,162.00 +22% 85.525 163,300 14,605.50 +24% 85,525 85,500 163,300 13,158,00 + 24% 163,300 207,350 33,271.50 + 324 163,300 163,300 207,350 31,830,00 + 32% 207,350 518,400 47,367.50 + 35% 207,350 207,350 518,400 45,926.00 + 35% 518.400 156,235.00 +37% 518,400 518,400 154,793.50 +37% Married filing jointly or Qualifying widowler)- Married filing separately-Schedule Y-2 Schedule Y-1 If taxable of the If taxable income is: But not amount income is: But not Over over The taxis awer Over- over- The tax is: $ 0 $ 19,750 10% $ 0 0 $ 0 $ 9,875 ......... 10% 19,750 80,250 $ 1,975.00 + 12% 19,750 9,875 40,125 $ 987.50 +1246 80,250 171,050 9,235.00 + 22% 80,250 40,125 85,529 4,617.50 +2296 171,050 326,600 29,211.00 +24% 171,050 85,525 163,300 14,605.50 + 24% 326,600 414,700 66,543.00 + 32% 326,000 163,300 207,350 33,271.50 + 32% 414,700 94,735.00 + 35% 414,700 207,350 311.025 47.367.50 +354 622,050 167,307.50 +37% 622,050 311,025 83.653.75 + 379 518.400 of the amount over 5 0 9,875 40,125 85,525 163,300 207,350 311,025 622,050 Single-Schedule X If taxable 2021 Tax Rate Schedules Head of household-Schedule z of the If taxable of the I ENG 11:43 PM 2:20/2022 Exam 1 items 2021 2022.pdf X 12 3 o a File C/CSUF/ACCT%20308/Exam%201%20items-2021-2022.pdf M Gmail Maps A leading csu Cal... MGMT 240 ISDS 3618 ISDS 361BAOCT 2014 Spectrum.net Ham... Rate My Professors Google Dich Chegg - Save up to... - o "Shuumatsu Nani S. Lenovo 1 of 2 0 Erase + 622,050 414,700 PD Page view A Read aloud Add text (T) textDraw 94,735.00 + 35% 414,700 207,350 311,025 47,367.50 +3546 167,307.50+ 37% 622,050 311,025 83,653.75 +3796 Highlight 207,350 311,025 622,050 ..100 .. 10% 2021 Tax Rate Schedules Single-Schedulex Head of household-Schedule z If taxable of the If taxable income is: But not amount income is: But not Over- over- The tax is: over Over- over- The tax is: $ 0 $ 9,950 $ $ $ 14,200 9.950 40,525 $ 995.00 + 12% 9.950 14,200 54,200 $ 1420.00+ 129 40.525 86,375 4,664.00 - 22% 40,525 54,200 86,350 6,220.00 + 22% 86,375 164,925 14,751.00 +24% 86,375 86,350 164,900 13,293.00 +24 164,925 209,425 33,603.00 + 32% 164,925 164,900 209,400 32,145.00+ 32% 209,425 523,600 47,843.00 + 35% 209,425 209,400 523,600 46,385.00 +354 523,600 157,804,25 + 37% 523,600 523,600 156,355.00 + 379 Married filing jointly or Qualifying widowler) Married filing separately-Schedule Y-2 Schedule Y-1 if taxable of the If taxable income is: But not amount income is: But not Over- over- The tax is: over Over- over- The tax is: $ 19,900 ... 10% $ 0 $ 0 $ 9,950 ... 10% 19,900 81,050 $ 1.990,00 12% 19,900 9,950 40,525 $ 995.00 + 12% B1,050 172,750 9,328.00+ 22% 81,050 40,525 86,375 4,664,00 + 229 172,750 329,850 29,502.00 + 24% 172,750 86,375 164,925 14,751.00 + 24% 329,850 418,850 67,206,00 + 32% 329,850 164.925 209,425 33,603.00 + 32% 628,300 95,686,00 + 35% 418,850 209,425 314,150 47,843.00 + 35% 628 300 168,993,50 + 37% 628,300 314,150 84,496.75 + 379 of the amount over- $ 0 14,200 54,200 86,350 164,900 209,400 523,600 imin of the amount over- $ 0 0 9,950 40,525 86,373 164,925 209,425 314,150 418. ASG Discord Phresh Phil (# ? questions, Text Channels) Can someone help me with the echoes that's the last thing I need 11:44 PM 0 - ENG 40 2/20/2022 O Exam 1 items 2021 2022.pdf X X 12 3 o a File C/CSUF/ACCT%20308/Exam%201%20items-2021-2022.pdf M Gmail Maps A Leading csu Cal... MGMT 340 ISDS 3618 ISDS 361 WAOCT 2014 Spectrum.net Ham... Rate My Professors Google Dich Chegy - Save up to... o 'Shuumatsu Nani S... Lenovo 2 of 2 Q + # D Page view A Read aloud | Add text Draw Highlight Erase Standard Deduction 2020 2021 Single 12,400 12,550 MF) 24,800 25,100 HOH 18,650 18,800 MES 12,400 12,550 EXHIBIT 4.2 Number of Anticipated Monthly Annuity Payments under the Simplified Method Age 55 and under 56 60 61-65 66-70 71 and over Number of Anticipated Monthly Payments 360 310 260 210 160 Social Security Thresholds for Both 2020 and 2021 Higher Threshold Lower Threshold Single/HOH 34,000 25,000 MF) 44,000 32,000 O ENG 11:44 PM 2/20/2022 Exam 1 items 2021 2022.pdf X X 12 3 6 o a File C/CSUF/ACCT%20308/Exam%201%20items-2021-2022.pdf M Gmail Maps A Leading csu Cal... MGMT 340 ISDS 3618 ISDS 2616 AOCT 2014 Spectrum.net Ham... Rate My Professors Google Dich Chegy - Save up to... o 'Shuumatsu Nani S... Lenovo 1 of 2 Q + + D Page view A Read aloud | Add textDraw Highlight Erase APPENDIX A Tax Formulas, Tax Rate Schedules, and Tabes A-3 of the amount over $ 0 10W 14,100 53,700 85,500 163,300 207,350 2020 Tax Rate Schedules Single-Schedule X Head of household-Schedule z if taxable of the If taxable income is: But nor amount income is: But nor Over- over The tax is: Over Over over- The taxis $ 0 $ 9,875 $ 0 $ 0 $ 14,100 ... 10% 9.875 40,125 $ 987.50 + 12% 9.875 14,100 53,700 $ 1.410.00 + 12% 40.125 85,525 4,617.50 + 22% 40,125 53,700 85,500 6,162.00 +22% 85.525 163,300 14,605.50 +24% 85,525 85,500 163,300 13,158,00 + 24% 163,300 207,350 33,271.50 + 324 163,300 163,300 207,350 31,830,00 + 32% 207,350 518,400 47,367.50 + 35% 207,350 207,350 518,400 45,926.00 + 35% 518.400 156,235.00 +37% 518,400 518,400 154,793.50 +37% Married filing jointly or Qualifying widowler)- Married filing separately-Schedule Y-2 Schedule Y-1 If taxable of the If taxable income is: But not amount income is: But not Over over The taxis awer Over- over- The tax is: $ 0 $ 19,750 10% $ 0 0 $ 0 $ 9,875 ......... 10% 19,750 80,250 $ 1,975.00 + 12% 19,750 9,875 40,125 $ 987.50 +1246 80,250 171,050 9,235.00 + 22% 80,250 40,125 85,529 4,617.50 +2296 171,050 326,600 29,211.00 +24% 171,050 85,525 163,300 14,605.50 + 24% 326,600 414,700 66,543.00 + 32% 326,000 163,300 207,350 33,271.50 + 32% 414,700 94,735.00 + 35% 414,700 207,350 311.025 47.367.50 +354 622,050 167,307.50 +37% 622,050 311,025 83.653.75 + 379 518.400 of the amount over 5 0 9,875 40,125 85,525 163,300 207,350 311,025 622,050 Single-Schedule X If taxable 2021 Tax Rate Schedules Head of household-Schedule z of the If taxable of the I ENG 11:43 PM 2:20/2022 Exam 1 items 2021 2022.pdf X 12 3 o a File C/CSUF/ACCT%20308/Exam%201%20items-2021-2022.pdf M Gmail Maps A leading csu Cal... MGMT 240 ISDS 3618 ISDS 361BAOCT 2014 Spectrum.net Ham... Rate My Professors Google Dich Chegg - Save up to... - o "Shuumatsu Nani S. Lenovo 1 of 2 0 Erase + 622,050 414,700 PD Page view A Read aloud Add text (T) textDraw 94,735.00 + 35% 414,700 207,350 311,025 47,367.50 +3546 167,307.50+ 37% 622,050 311,025 83,653.75 +3796 Highlight 207,350 311,025 622,050 ..100 .. 10% 2021 Tax Rate Schedules Single-Schedulex Head of household-Schedule z If taxable of the If taxable income is: But not amount income is: But not Over- over- The tax is: over Over- over- The tax is: $ 0 $ 9,950 $ $ $ 14,200 9.950 40,525 $ 995.00 + 12% 9.950 14,200 54,200 $ 1420.00+ 129 40.525 86,375 4,664.00 - 22% 40,525 54,200 86,350 6,220.00 + 22% 86,375 164,925 14,751.00 +24% 86,375 86,350 164,900 13,293.00 +24 164,925 209,425 33,603.00 + 32% 164,925 164,900 209,400 32,145.00+ 32% 209,425 523,600 47,843.00 + 35% 209,425 209,400 523,600 46,385.00 +354 523,600 157,804,25 + 37% 523,600 523,600 156,355.00 + 379 Married filing jointly or Qualifying widowler) Married filing separately-Schedule Y-2 Schedule Y-1 if taxable of the If taxable income is: But not amount income is: But not Over- over- The tax is: over Over- over- The tax is: $ 19,900 ... 10% $ 0 $ 0 $ 9,950 ... 10% 19,900 81,050 $ 1.990,00 12% 19,900 9,950 40,525 $ 995.00 + 12% B1,050 172,750 9,328.00+ 22% 81,050 40,525 86,375 4,664,00 + 229 172,750 329,850 29,502.00 + 24% 172,750 86,375 164,925 14,751.00 + 24% 329,850 418,850 67,206,00 + 32% 329,850 164.925 209,425 33,603.00 + 32% 628,300 95,686,00 + 35% 418,850 209,425 314,150 47,843.00 + 35% 628 300 168,993,50 + 37% 628,300 314,150 84,496.75 + 379 of the amount over- $ 0 14,200 54,200 86,350 164,900 209,400 523,600 imin of the amount over- $ 0 0 9,950 40,525 86,373 164,925 209,425 314,150 418. ASG Discord Phresh Phil (# ? questions, Text Channels) Can someone help me with the echoes that's the last thing I need 11:44 PM 0 - ENG 40 2/20/2022 O Exam 1 items 2021 2022.pdf X X 12 3 o a File C/CSUF/ACCT%20308/Exam%201%20items-2021-2022.pdf M Gmail Maps A Leading csu Cal... MGMT 340 ISDS 3618 ISDS 361 WAOCT 2014 Spectrum.net Ham... Rate My Professors Google Dich Chegy - Save up to... o 'Shuumatsu Nani S... Lenovo 2 of 2 Q + # D Page view A Read aloud | Add text Draw Highlight Erase Standard Deduction 2020 2021 Single 12,400 12,550 MF) 24,800 25,100 HOH 18,650 18,800 MES 12,400 12,550 EXHIBIT 4.2 Number of Anticipated Monthly Annuity Payments under the Simplified Method Age 55 and under 56 60 61-65 66-70 71 and over Number of Anticipated Monthly Payments 360 310 260 210 160 Social Security Thresholds for Both 2020 and 2021 Higher Threshold Lower Threshold Single/HOH 34,000 25,000 MF) 44,000 32,000 O ENG 11:44 PM 2/20/2022