Question
prepare a complete 2017 1040 (with accompanying schedules necessary) Mike and Sarah are married. Their fact pattern is as follows: Mike has a salary of
prepare acomplete 20171040 (with accompanying schedules necessary)
Mike and Sarah are married. Their fact pattern is as follows:
Mike has a salary of $95,000 from his job with a federal withholding of $9,500
Sarah had the following income and expense items for her dog grooming business that she calls "LaLa":
Sales from Grooming: 45,000
Sales from Pet Supplies: 22,000
Soap: 2,000
Advertising: 1,000
Supplies: 7,000
Dog Grooming Classes: 8,500
They gave 25,000 to their local church.
Paid personal property taxes of 1,500 on their principal residence.
Paid mortgage interest on their principal residence of 4,500.
Mike wants to try to deduct his contribution to the republican party foundation of 6,000.
Mike has two kids (12 and 14 years old) from a previous marriage. Their names are Brittany and Daisy. Both can be claimed by Mike on his tax return.
Sarah won 6,000 at a casino in Las Vegas when they vacationed their during the year.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started