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Tax Return $1-4$

Jeff and JoAnn Jefferson are married and have a joint consulting business as a sole proprietorship. Below are the Income Statement and Balance Sheet for calendar $2023.$

Income Statement

Consulting revenue $$256,000$

Salaries expense, employees $100,000$

Payroll tax expense $18,000$

Owners Draws $70,000$

Rent expense $12,000$

Depreciation $2,000$

Travel expense $4,000$

Health Insurance $($employees$)6,000$

Health Insurance $($owners$)4,000$

Meals $1,000$

Entertainment $1,000$

Supplies $5,000$

Net Book Income $$33,000$

Balance Sheet

Assets:

Cash $26,000$

Computer $10,000$

Computer $$ A$/$D $-2,000$

Total Assets: $$34,000$

Common Stock $1,000$

Retained Earnings $33,000$

Total Liabilities and Equity $$34,000$

Tax return $1-4$: Assuming Jay and JoAnn have an unincorporated business that they run as a sole proprietorship, prepare their joint Federal income tax return for $2023.$ 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 $$7,000.$ Don$$t forget to include a standard deduction. You should complete a Schedule C$,$ Schedules $1,2$ & SE$,$ Form $4562,$ Form $8895$ and a Form $1040.$ Attached above are the income statement and balance sheet

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