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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