Tax Return 2-1 Jeff and JoAnn Jefferson are married and have a joint consulting business as a C Corporation. Below are the Income Statement and Balance Sheet for calendar 2017 Income Statement Consulting revenue $256,000 Salaries expense, employees Payroll tax expense 18,000 70,000 12,000 2,000 4,000 6,000 4,000 2,000 5.000 $33,000 Rent ex Travel expense Health Insurance (employees) Meals Su Net Book Income es Balance Sheet Assets Cash 26,000 10,000 $34,000 1,000 er Computer A/D Total Assets: Retained Earnings Total Liabilities and Equity Tax return 2-1 Assuming Jeff and JoAnn have this same business that they run as a regular corporation, prepare the Corporation income tax return (Form 1120) for 2017. They each received a salary of $35,000 (total $70,000) from the business which is officer compensation. Because they are employees, the corporation paid the health insurance for them For tax purposes they take a Section 179 deduction for $10.000 You should complete a Form 1120 and a Form 4562. This was the first year they operated as a corporation. The W-2 is provided so you can capture the taxpayer information for the corporation. Forms are available at http:/lwww.irs.gov Tax Return 2-1 Jeff and JoAnn Jefferson are married and have a joint consulting business as a C Corporation. Below are the Income Statement and Balance Sheet for calendar 2017 Income Statement Consulting revenue $256,000 Salaries expense, employees Payroll tax expense 18,000 70,000 12,000 2,000 4,000 6,000 4,000 2,000 5.000 $33,000 Rent ex Travel expense Health Insurance (employees) Meals Su Net Book Income es Balance Sheet Assets Cash 26,000 10,000 $34,000 1,000 er Computer A/D Total Assets: Retained Earnings Total Liabilities and Equity Tax return 2-1 Assuming Jeff and JoAnn have this same business that they run as a regular corporation, prepare the Corporation income tax return (Form 1120) for 2017. They each received a salary of $35,000 (total $70,000) from the business which is officer compensation. Because they are employees, the corporation paid the health insurance for them For tax purposes they take a Section 179 deduction for $10.000 You should complete a Form 1120 and a Form 4562. This was the first year they operated as a corporation. The W-2 is provided so you can capture the taxpayer information for the corporation. Forms are available at http:/lwww.irs.gov