Here is another question: From here what should I put as the total income on a 1040 line 6 where it says, "total income, add lines 1 through 5. Add any amount from Schedule 1, line 22___________? Gross Income $325,000 Business Expenses $201,000 Records related to Sarah’s employment provide the following information. Salary $145,000 Unreimbursed travel expenses (including $200 of meals) $1600 Other pertinent information for the tax year includes the following. Capital gain/losses spot: Proceeds from sale of stock acquired on July 15, 2018 (cost of $12,000) and sold on August 1, 2018 $9,800 Proceeds from sale of stock acquired on September 18, 2017 (cost of $5,000), sold on October5, 2018 $3,800 Wages paid to full-time domestic worker for housekeeping and child supervision $10,000 Interest income received $7,000 Total itemized deductions (not including any potential deductions above) $27,900 Federal income tax withheld $31,850 Estimated payments of Federal income tax $20,000 Compute the net tax payable or refund due for Tim and Sarah Lawrence for 2018.
Here is another question:
From here what should I put as the total income on a 1040 line 6 where it says, "total income, add lines 1 through 5. Add any amount from Schedule 1, line 22___________?
Gross Income $325,000
Business Expenses $201,000
Records related to Sarah’s employment provide the following information.
Salary $145,000
Unreimbursed travel expenses (including $200 of meals) $1600
Other pertinent information for the tax year includes the following.
Proceeds from sale of stock acquired on July 15, 2018 (cost of $12,000) and sold on August 1, 2018 $9,800
Proceeds from sale of stock acquired on September 18, 2017 (cost of $5,000), sold on October5, 2018 $3,800
Wages paid to full-time domestic worker for housekeeping and child supervision $10,000
Interest income received $7,000
Total itemized deductions (not including any potential deductions above) $27,900
Federal income tax withheld $31,850
Estimated payments of Federal income tax $20,000
Compute the net tax payable or refund due for Tim and Sarah Lawrence for 2018.
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