What tax forms are needed for the following example? Tim and Sarah Lawrence are married and filing a joint return. Tim's social security number is 123-45-6789, and Sarah's social security number is 111-11-1111. They reside at 100 Olive Lane, Covington, LA 70434. They have two dependent children, Sean and Debra, ages 12 and 16. Tim is a self-employed business person (sole proprietor of an unincorporated business) and Sarah a corporate executive. Tim has the following income and expenses from his business: Gross income $325,000Business Expenses $201.000 Records Related to Sarah's employment show the following:Salary $145,000Unreimbursed Travel (including $200 in meals) $1,600 Other pertinent information for the tax year include the following:Proceeds from the sale of stock acquired July 15, 2018 (cost $12,000) and sold August 1, 2018 for $9,800Proceeds from sale of stock acquired on September 18, 2017 (cost $5,000) and sold on October 5, 2018 for $3,800Wages paid to full-time domestic workers for housekeeping and child supervision $10,000Interest Income received $7,000Total Itemized Deductions (not including potential deductions above) $27,900Federal Income Tax withheld $31,850Estimated Payments of Federal Income Tax $20,000 Compute the net tax payable or refund due for Tim and Sarah Lawrence for 2019
What tax forms are needed for the following example? Tim and Sarah Lawrence are married and filing a joint return. Tim's social security number is 123-45-6789, and Sarah's social security number is 111-11-1111. They reside at 100 Olive Lane, Covington, LA 70434. They have two dependent children, Sean and Debra, ages 12 and 16. Tim is a self-employed business person (sole proprietor of an unincorporated business) and Sarah a corporate executive. Tim has the following income and expenses from his business: Gross income $325,000Business Expenses $201.000 Records Related to Sarah's employment show the following:Salary $145,000Unreimbursed Travel (including $200 in meals) $1,600 Other pertinent information for the tax year include the following:Proceeds from the sale of stock acquired July 15, 2018 (cost $12,000) and sold August 1, 2018 for $9,800Proceeds from sale of stock acquired on September 18, 2017 (cost $5,000) and sold on October 5, 2018 for $3,800Wages paid to full-time domestic workers for housekeeping and child supervision $10,000Interest Income received $7,000Total Itemized Deductions (not including potential deductions above) $27,900Federal Income Tax withheld $31,850Estimated Payments of Federal Income Tax $20,000 Compute the net tax payable or refund due for Tim and Sarah Lawrence for 2019
Chapter12: Tax Credits And Payments
Section: Chapter Questions
Problem 37CP
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What tax forms are needed for the following example?
Tim and Sarah Lawrence are married and filing a joint return. Tim's social security number is 123-45-6789, and Sarah's social security number is 111-11-1111. They reside at 100 Olive Lane, Covington, LA 70434. They have two dependent children, Sean and Debra, ages 12 and 16. Tim is a self-employed business person (sole proprietor of an unincorporated business) and Sarah a corporate executive.
Tim has the following income and expenses from his business:
Gross income $325,000
Business Expenses $201.000
Records Related to Sarah's employment show the following:
Salary $145,000
Unreimbursed Travel (including $200 in meals) $1,600
Salary $145,000
Unreimbursed Travel (including $200 in meals) $1,600
Other pertinent information for the tax year include the following:
Proceeds from the sale of stock acquired July 15, 2018 (cost $12,000) and sold August 1, 2018 for $9,800
Proceeds from sale of stock acquired on September 18, 2017 (cost $5,000) and sold on October 5, 2018 for $3,800
Wages paid to full-time domestic workers for housekeeping and child supervision $10,000
Interest Income received $7,000
Total Itemized Deductions (not including potential deductions above) $27,900
Federal Income Tax withheld $31,850
Estimated Payments of Federal Income Tax $20,000
Proceeds from the sale of stock acquired July 15, 2018 (cost $12,000) and sold August 1, 2018 for $9,800
Proceeds from sale of stock acquired on September 18, 2017 (cost $5,000) and sold on October 5, 2018 for $3,800
Wages paid to full-time domestic workers for housekeeping and child supervision $10,000
Interest Income received $7,000
Total Itemized Deductions (not including 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 2019
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