Prepare the Federal Form 1040 and all supporting schedule and all applicable schedules using the 2019 forms and tax rate schedules. Apply the TCJA 2017. It is impotent that you read the forms and instructions.
Jerry, 40, and Elaine, 45, are married and file a joint return. They have 1 child, George, who is 15 years. They live in New York City. They had the following financial information:
Jerry earned wages of $65,000. Elaine earned $173,950 in profits from the firm (all expenses are already taken out these are all strictly her profits, income is not give but can be assumed to be this)
Jerry's Federal withholding tax was $12,000
Jerry's state and city withholding tax was $5,000 and $1,000, respectively.
Elaine has her own law firm. It had the following income and expenses for the year.
Legal Fees Earned				450,000
Wages paid to employees				175,000
Rent				60,000
Insurance				7,500
Utilities				5,000
Political Contributions				3,500
Supplies and Stationary				2,000
1) Their son, George required surgery to repair his knee, which cost $5,000. In addition, they paid $2,500 in other medical expenses.
6) Jerry sold 100 shares of Disney for $110, on May 1st. He purchased the share for $82 a share on October 12, 2015.
8) Jerry sold 100 shares of Coke for $78 on Dec 31st. He purchased share earlier in the year on Sept. 19 for $130.
10) Jerry inherited a ranch in Montana from his uncle. The house was valued at $225,000 at the date of death. His uncle orginally paid $40,000 for the house in 1937.

Elaine made payments of $2,200 and $5,500 to make The Make A Wish Foundation and American Cancer Society, respectively.

Elain provide free legal service to her church. She would have normally billed $9,500 for these services.

Elaine made estimated Federal tax payments that totaled $45,000 during the year.

Elaine made estimated State and City taxes payments that totaled $20,500.