Question
Todd Smith earns $125,000 as a professor and his wife Lisa earns $130,000 as an accountant. The Smiths have an online business that earns $30,000
Todd Smith earns $125,000 as a professor and his wife Lisa earns $130,000 as an accountant. The Smiths have an online business that earns $30,000 and the business takes 30% of the Smith's house. their son Mike is 14 and works in the business and is paid $15,000. Todd is also a part-time student at a university and his tuition, fees, ,and book expenses are $5,000. Lisa sold stock she purchased at a gain of $25,000. The Smith's have state income tax of $18,000, medical expenses of $15,000, property taxes of $4,000, mortgage interest of $16,000, federal withholding of $45,000 and, charitable contributions of $30,000.
Prepare the Smith's tax return.
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