Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. use 2022 tax law. 4. sam is single, under 65, and

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

60.1K

Verified Solution

Question

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.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

How many milliliters of an aqueous solution of 0.212 M copper(II) chloride is needed to obtain...

Chemistry
Q

Write a function that takes a valid stringlist and returns the index of the smallest element...

Programming
Q

What is the opinion based on the Treadway Commission? (See paragraphs below) Please raise thoughtful questions,...

Accounting
Q

An investment counselor calls with a hot stock tip He believes that if the economy...

Statistics
Q

1 a Use the formula to find the length of the indicated portion of the...

Calculus
Q

Evaluate the indefinite integral arcsin x Narcsin 1 a arcsin 9 9 da X

Calculus
Q

The weight in pounds of a newborn baby t months after birth can be modeled...

Calculus
Q

In late 2018, NVIDIA Company was sued for patent infringement related to a new software...

Accounting
Q

Presented here are summarized data from the balance sheets and income statements of Wiper Incorporated:...

Accounting
Q

create a cover letter for an accounting job. follow proper business formatting. also required to...

Accounting
Q

Sweet Company purchased equipment on January 2, 2018, for $ 114,100. The equipment had an...

Accounting
Q

On July 1, 20X1, a machine is purchased at a cost of $20,000. Before the...

Accounting