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Use 2022 tax law. 4. Sam is single, under 65, and has no children. He...

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Accounting

Use 2022 tax law.

4. Sam is single, under 65, and has no children. He claims a standard deduction. He has his own business:

Consulting Income 150,000

Rent 12,000

Travel 10,000

Country club dues 6,000

Miles are 3,000 driven throughout the year

Meals (all restaurant meals) 4,000

Supplies 3,000

Federal estimated tax payments 20,000

Compute his tax due or refund. Be sure to compute his self-employment tax and qualified business income deduction.

5. Susan is single and lives with her 2 young children (ages 3 and 5). She has a salary of $75,000 and had Federal tax withheld of $10,000. She has the following itemized deductions:

Medical 8,000

Mortgage interest 5,000

Credit card interest 2,000

Property tax 2,500

Sales tax 1,500

State income tax withheld 2,000

Charitable contributions 1,000

Tax return preparation fee 500

Childcare expenses 5,000

Compute her tax due or refund.

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