Solution-Compute his tax due or refund

Compute his tax due or refund

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Question - 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 4,000

Supplies 3,000

Federal estimated tax payments 20,000

Required - Compute his tax due or refund. Be sure to compute his self-employment tax and qualified business income deduction. Use 2019 tax law.

Reference no: EM132728121

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Compute his tax due or refund

Reference no: EM132728121

Reference no: EM132728121

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Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

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