o
Their total income is $135,281.
6.
Deductions
:
o
They have a standard deduction of $29,790 for Married filing jointly.
o
Qualified business income deduction of $ 8,961 from Form 8995 7.
Taxable Income
:
o
They have an amount of $ 23058 as adjustments to income (from Schedule 1, line
26). So, their adjusted gross income is $112,223.
o
After applying deductions, like standard deduction or itemized deductions
($29,790), and qualified business income deduction ($8,961), their taxable
income is $73,472.
8.
Tax Credits
:
o
They may be eligible for various tax credits, including the Earned Income Credit
(EIC), the Child Tax Credit, and the American Opportunity Credit.
9.
Total Tax and Refund/Owe
:
o
Their total tax amount is $7,843.
o
An amount of $9,015 for other taxes, including self-employment tax, from
Schedule 2, line 21.
o
Total tax amount is $16, 858.
10.
Payments and Refund
:
o
They had federal income tax withheld, with a total of $5,100.
o
They made estimated tax payments of $12,150 in 2021 and applied an amount
from their 2020 return.
o
They have overpaid an amount of $ 392, however they have not attached form
8888 for claim of refund. 11.
Direct Deposit
:
o
They have indicated their preference for direct deposit, with routing and account
numbers provided.
12.
Other Information
: There is a section about a third-party designee and a declaration of
the accuracy of the return.
Here's the analysis of Schedule 1 for Mark R and Suzanne N Hauser for the tax year 2021:
Part I: Additional Income
1.
Taxable Refunds, Credits, or Offsets of State and Local Income Taxes:
No entry
here, indicating that the Hauser family did not receive any taxable refunds, credits, or
offsets.
2.
Alimony Received:
No alimony received during 2021.
3.
Business Income or Loss:
The Hauser family reported business income of $60,266,
which is likely from self-employment or a small business.
4.
Other Gains or Losses:
No specific entry for other gains or losses. They didn't report
any significant gains or losses.
