Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

There social security numbers are 123-45-6789, 213-45-6789 respective to Charles and Amy. They live at 2345 S Camden Parkway, In Houston, Texas 77067. Charles works

There social security numbers are 123-45-6789, 213-45-6789 respective to Charles and Amy. They live at 2345 S Camden Parkway, In Houston, Texas 77067. Charles works as Engineer and Mary owns a consulting business.

Charles's salary is as follows:

Wages 100,000.Federal Income tax withheld 20,000, Fica $6200 and Medicare 1145.00.

Mary owns a consulting business and her income and expenses are as follows:

Revenues from consulting 120,000

Expenses

Rent 24,000

Payroll 20,000

Payroll Taxes 1800

Supplies 2500

Contract Services 30,000

Insurance 1200

Amy contributed 6000 towards IRA. They Received interest income from bank 500. They own a house. They paid $8500 in real estate taxes and 9200 interest on their house. They contributed 1200 to a church. And their medical expenses are 3200.

Calculate their taxes for 2019. Filling form 1040, Schedule A, C and SE.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Equity Audits To Create Equitable And Excellent Schools

Authors: Linda E. Skrla, Kathryn B. McKenzie, James Joseph Scheurich

1st Edition

1412939321, 978-1412939324

More Books

Students also viewed these Accounting questions