Tax return 4:Assuming Jay and JoAnn have an unincorporated business that they run as a sole...
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Tax return 4:Assuming Jay and JoAnn have an unincorporated business that they run as a sole proprietorship, prepare their joint Federal income tax return for 2019. Assume that they have no dependents, do have insurance coverage, do not have any other income or itemized deductions, and they made quarterly Federal income tax payments totaling $24,000. Don't forget to include a standard deduction. You should complete a Schedule C, Schedule SEs, Form 4562, and a Form 1040. Account Consulting revenue Salaries expense, employees Payroll tax expense Owners' Draw Rent expense New Computer equipment (total cost) Claim section 179 deduction Travel expense Health Insurance (employees) Health Insurance (owners) Meals Entertainment Supplies Amount $256,000 100,000 18,000 70,000 12,000 10,000 4,000 6,000 4,000 1,000 1,000 5,000 Tax return 4:Assuming Jay and JoAnn have an unincorporated business that they run as a sole proprietorship, prepare their joint Federal income tax return for 2019. Assume that they have no dependents, do have insurance coverage, do not have any other income or itemized deductions, and they made quarterly Federal income tax payments totaling $24,000. Don't forget to include a standard deduction. You should complete a Schedule C, Schedule SEs, Form 4562, and a Form 1040. Account Consulting revenue Salaries expense, employees Payroll tax expense Owners' Draw Rent expense New Computer equipment (total cost) Claim section 179 deduction Travel expense Health Insurance (employees) Health Insurance (owners) Meals Entertainment Supplies Amount $256,000 100,000 18,000 70,000 12,000 10,000 4,000 6,000 4,000 1,000 1,000 5,000
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SOLUTION To prepare Jay and JoAnns joint Federal income tax return for 2019 we will need to complete Schedule C Schedule SE Form 4562 and Form 1040 He... View the full answer
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Posted Date:
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