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The following information pertains to Wyatt and Wendy West (both age 29), a married couple with no dependents. Wyatt is employed by ABC Company, and
The following information pertains to Wyatt and Wendy West (both age 29), a married couple with no dependents. Wyatt is employed by ABC Company, and Wendy has a sole proprietorship. The Wests have asked you to prepare their Form 1040, Schedule 1, Schedule 2, Schedule C, and Schedule SE. Taxpayer Information - W-2 Information Employer's Name Employee's Name Box 1: Wages Box 2: Federal Income Tax Withheld Box 17: State Income Tax Withheld ABC Company Wyatt West $50,000 $5,600 $1,900 Wendy's Business Information Revenue $130,000 Expenses: Country club dues to solicit clients 12,000 Wages for assistant 40,000 Legal expenses for business 2,500 Meals with clients at restaurants 3,000 Travel expenses for a business conference in Florida 2,400 Health insurance expense 5,600 Other information: Transportation mileage of 700 miles for the year The business does not qualify for the qualified business income deduction. Other Information Federal estimated income tax payments 22,500
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