Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the information below, prepare a sole proprietorship tax return using the form from the IRS.Gov website (for 2019 tax year): Jacob Weaver is a

Using the information below, prepare a sole proprietorship tax return using the form from the IRS.Gov website (for 2019 tax year):
image text in transcribed
Jacob Weaver is a contractor operating as a sole proprietorship (EIN 12-3456789). 2019 Gross income: $278,322.25. Business expenses: o Fuel for equipment $64,080.00 Repairs and maintenance $17,342.0d Lubricants for Equipment $9,670.00 o 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 2019. 2019 estimated tax payments were $25,000. He is using a bedroom in his house as a home office. (Square footage of home 5,600 Office 240 sq. ft.) He has one half-time employee, Martin, who had been unemployed since returning from Afghanistan and is disabled. Martin worked for Jacob for 20 hours a week, for 41 weeks of 2019. He earned $10,500. Jacob had to spend $7,350 for disabled access equipment for Martin. Jacob Weaver is a contractor operating as a sole proprietorship (EIN 12-3456789). 2019 Gross income: $278,322.25. Business expenses: o Fuel for equipment $64,080.00 Repairs and maintenance $17,342.0d Lubricants for Equipment $9,670.00 o 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 2019. 2019 estimated tax payments were $25,000. He is using a bedroom in his house as a home office. (Square footage of home 5,600 Office 240 sq. ft.) He has one half-time employee, Martin, who had been unemployed since returning from Afghanistan and is disabled. Martin worked for Jacob for 20 hours a week, for 41 weeks of 2019. He earned $10,500. Jacob had to spend $7,350 for disabled access equipment for Martin

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

Auditing And Assurance Services An Integrated Approach

Authors: Alvin A. Arens . Randal J. Elder . Mark S. Beasley

15th Global Edition

0273790005, 978-0273790006

More Books

Students also viewed these Accounting questions