Question: Below is the information needed to complete a tax return. The individual is single. They are a US citizen and cannot be claimed as a
Below is the information needed to complete a tax return. The individual is single. They are a US citizen and cannot be claimed as a qualifying child or dependent of another person. The person's birth date is June 23, 1969. They operate a small business and the records are kept on the cash basis of accounting. They ask you to prepare the tax return for calendar year 2019.
Sales .....................................$500,000.
Cost of Sales ...........................65,900.
Advertising ..............................4,000.
Depreciation ........................11,774.
Insurance ................................2,000.
Office expense .......................2,250.
Payroll ...............................210,000.
Payroll taxes ......................21.000.
Rent ....................................50,000.
Supplies ...............................3,150.
Taxes .....................................1,200.
Utilities ..................................3,490.
The taxpayer paid total estimated taxes for calendar year 2019 in the amount of ....$17,400.
What is the taxpayers net income ?
What is the amount of Self-employment tax?
What is the amount of the Adjusted Gross Income?
What is the amount of the standard deduction?
What is the amount of the Qualified Business Income Deduction?
What is the amount of the Taxable Income?
What is the amount of the income tax?
What is the total amount of tax on the return?
What is the amount of Estimated Taxes paid?
Refund or Balance Due?
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