It is currently May $15$ and the client comes in with the following documents asking for you to complete a tax return. You had helped the client file an extension and estimate & pay their extension taxes on $4/14.$ The client is single and takes the standard deduction.

$1.$ W$2-$ $$100,000$ wages, $$15,000$ federal taxes withheld

$2.$ K$-1-$ $$20,000$ ordinary business income, $$5,000$ guaranteed payments

$3.1099-$DIV $-$ $$3,500$ dividend income

$4.$ Printout showing that he contributed $$6,000$ to a Traditional IRA

$5.$ You had estimated their extension taxes to be $$5,000$ and client confirmed he had paid

What is the gross income?

What is the taxable income assuming there are no other credits, adjustments or QBI?

What is the total tax due based on $2023$ tax brackets?

What is the tax owed?

Is there interest and penalty? What kind?

If you were to calculate estimated tax prepayments for the client and choose $100\%$ of last year$$s tax bill as the estimating method, what would be the prepayment schedule and amount $($list date and amount$)$ for this client? Is it necessary for this client to make tax prepayments and why?

If the taxpayer resides in Philadelphia, do you need to make interest and penalty payments for the state and local level? Assuming the business is in Philadelphia, what additional local tax return$($s$)$ need to be completed and for what types of income?