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There's a 1040, schedule C, and Schedule SE. Teacher says the Schedule c and SE are wrong I have submitted an assignment twice for a
There's a 1040, schedule C, and Schedule SE. Teacher says the Schedule c and SE are wrong
I have submitted an assignment twice for a tax document assignment, and I can't figure out where I am doing the addition wrong and messing up. Below is the question, then the attachments of the submission documents. I think I may need to send more documents, its not letting me attach.
Jacob Weaver is a contractor operating as a sole proprietorship (EIN 12-3456789). 2018 Gross income: $278,322.25.
- Business expenses:
- Fuel for equipment $64,080.00
- Repairs and maintenance $17,342.00
- Lubricants for Equipment$9,670.00
- Insurance$6,500.00
- Wages$6,300.00
- Vehicles$1,768.00
- Legal and Professional Expenses$1,750.00
- Taxes and Licenses$1,412.00
- Advertising$300.00
- Clients owe him a total of $53,000, for work completed in 2018.
- 2018 estimated tax payments were $25,000.
- He is using a bedroom in his house as a home office. (Square footage of home 5,600Office 240 sq. ft.)
- He has one half-time employee, Martin, who had been unemployed since returning from Afghanistanand is disabled.
- Martin worked for Jacob for 20 hours a week, for 41 weeks of 2018. He earned $10,500.
- Jacob had to spend $7,350 for disabled access equipment for Martin.
Instructions
- Read the information provided in the scenario above.
- Download the appropriate forms and publications from IRS.gov for the assessment.
- Complete the entries on tax forms required for a sole proprietorship return.
- Analyze official rules and instructions to correctly compute SE tax and SE deduction.
- 1040sc.
- 1040sse.
- Determine whether Jacob's business is eligible for any tax credits. Is Jacob's business eligible to use the Work Opportunity Credit and Disabled Access Credit?
- Determine eligible business deductions.
- Interpret official rules and instructions to record correct entries on tax forms.
- Submit the tax forms.
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