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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.
| 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, 42, and Elaine, 50, 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: | |||||||||
| (Elaines income is to be assumed the difference between her firms profits and her expenses) | |||||||||
| Jerry earned wages of $60,000. | |||||||||
| Jerry's Federal withholding tax was $12,500 | |||||||||
| 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 | ||||||||
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