This needs to be done for 2018 with 2018 tax laws instead of 2017.
These are some of the provided check numbers that are correct.
Form 1040
AGI, Line 7 $84,182
Taxable income, Line 43 $60,182
Schedule A**
Total itemized deductions $12,300
Schedule C
Gross profit, Line 5 $15,000
Schedule SE
Total self-employment tax $636
George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2017 income tax return based on the information below: George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus an expense reimbursement from Toyboat of $5,000 to cover his employee busines expenses. George must make an adequate accounting to his employer and return any excess reimbursement, none of the reimbursement was related to the meals and enter- tainment. Additionally, Toyboat provides George with medical insurance worth $7,200 per year. George drove his car a total of 24,000 miles during the year, and he placed the car in service on June 1, 2015. His log indicates that 18,000 miles were for sales calls to customers at the customers' offices and the remainder was personal mileage. George uses the standard mileage rate method. George is a college basketball fan. He purchased two season tickets for a total of $4,000. He takes a customer to every game, and they discuss some business before, during, and after the games. George also takes clients to business lunches. His log indicates that he spent $1,500 on these business meals. George also took a five-day trip to the Toyboat headquarters in Musty, Ohio. He was so well-prepared that ed his business in three days, so he spent the other two days sightseeing. He had the following expenses during each of the five days of his trip: Airfare $200 Lodging $85/day Meals $50/day Taxicabs $20/day Marge Large is self-employed. She repairs rubber toy boats in the basement of their home. The total square footage of the Larges' home, including the basement, is 3,000 square feet. The portion of the basement used in Marge's business is 750 square feet. The busi- ness code is 811490. She had the following income and expenses: Income from rubber toy boat repairs $15,000 Cost of supplies 5,000 Contract labor 3,500 Telephone (business) 500 The Larges use the simplified method to figure their deduction for Marges business use of their home. The Larges incurred the following total other expenses: Real estate taxes 2,500 Mortgage interest 4,500 Cash charitable contributions 3,500 Prepare Form 1040, Schedules A, C, and SE for Form 1040, and Form 2106 for the 2017 year. (Assume no depreciation for this problem and that no estimated taxes were paid by the Larges.) Check figures for the various forms: Form 1040 AGI, Line 7 $84,182 Taxable income, Line 43 $60,182 Schedule A**_ Total itemized deductions $12,300 Schedule C- Gross profit, Line 5 $15,000 Schedule SE - Total self-employment tax $636 Form 8829 (not required, use simplified method as directed in the problem) - Review the textbook, PowerPoints, or instructions to Schedule C to help calculate this figure. *Remember to use current year tax forms. Points will be deducted for incorrect forms. In addition, be sure to submit the tax forms in order as required by the IRS. Notice a Sequence No. on the top right of each tax return form except for the Form 1040. Points will be deducted if your sequence ordering is incorrect. **You will need to determine if the Schedule A is necessary based on the taxpayers itemized deductions as compared to the standard deduction. If you decide to use the itemized deductions from Schedule A, please include the form in the ordering as required by the IRS. If you determine itemized deductions do not apply, include Schedule A at the end of the tax return to prove your calculation was correct. George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2017 income tax return based on the information below: George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus an expense reimbursement from Toyboat of $5,000 to cover his employee busines expenses. George must make an adequate accounting to his employer and return any excess reimbursement, none of the reimbursement was related to the meals and enter- tainment. Additionally, Toyboat provides George with medical insurance worth $7,200 per year. George drove his car a total of 24,000 miles during the year, and he placed the car in service on June 1, 2015. His log indicates that 18,000 miles were for sales calls to customers at the customers' offices and the remainder was personal mileage. George uses the standard mileage rate method. George is a college basketball fan. He purchased two season tickets for a total of $4,000. He takes a customer to every game, and they discuss some business before, during, and after the games. George also takes clients to business lunches. His log indicates that he spent $1,500 on these business meals. George also took a five-day trip to the Toyboat headquarters in Musty, Ohio. He was so well-prepared that ed his business in three days, so he spent the other two days sightseeing. He had the following expenses during each of the five days of his trip: Airfare $200 Lodging $85/day Meals $50/day Taxicabs $20/day Marge Large is self-employed. She repairs rubber toy boats in the basement of their home. The total square footage of the Larges' home, including the basement, is 3,000 square feet. The portion of the basement used in Marge's business is 750 square feet. The busi- ness code is 811490. She had the following income and expenses: Income from rubber toy boat repairs $15,000 Cost of supplies 5,000 Contract labor 3,500 Telephone (business) 500 The Larges use the simplified method to figure their deduction for Marges business use of their home. The Larges incurred the following total other expenses: Real estate taxes 2,500 Mortgage interest 4,500 Cash charitable contributions 3,500 Prepare Form 1040, Schedules A, C, and SE for Form 1040, and Form 2106 for the 2017 year. (Assume no depreciation for this problem and that no estimated taxes were paid by the Larges.) Check figures for the various forms: Form 1040 AGI, Line 7 $84,182 Taxable income, Line 43 $60,182 Schedule A**_ Total itemized deductions $12,300 Schedule C- Gross profit, Line 5 $15,000 Schedule SE - Total self-employment tax $636 Form 8829 (not required, use simplified method as directed in the problem) - Review the textbook, PowerPoints, or instructions to Schedule C to help calculate this figure. *Remember to use current year tax forms. Points will be deducted for incorrect forms. In addition, be sure to submit the tax forms in order as required by the IRS. Notice a Sequence No. on the top right of each tax return form except for the Form 1040. Points will be deducted if your sequence ordering is incorrect. **You will need to determine if the Schedule A is necessary based on the taxpayers itemized deductions as compared to the standard deduction. If you decide to use the itemized deductions from Schedule A, please include the form in the ordering as required by the IRS. If you determine itemized deductions do not apply, include Schedule A at the end of the tax return to prove your calculation was correct
