Paper details
Accounting Taxation –
John and Jane Doe are married and file a joint return. John’s Social Security Number is 123-34-6789 and Jane’s Social Security Number is 987-65-4321.
They live at 200 Mango Drive in Nowhere, VA 55555. They have two children — Steve, age 10 and Angela, age 14. Steve’s Social Security Number is 143-22-4654 and Angela’s Social Security Number is 645-34-7543.
John is self-employed and runs a small business selling office supplies.
Jane works for Apple as a mid-level manager. John has this data from his business: Gross Income $325,000; Business Expenses $201,000. Jane has as salary of $145,000, unreimbursed travel expenses of $1,100 (Including $200 for meals), and unreimbursed entertainment expenses of $500. John and Jane sold stock acquired on June 1, 2014 for $12,000 on July 16, 2015 for $9,800. They sold other stock acquired on Sept. 18, 2014 for $5,000 on October 5, 2015 for $3,800. They pay a domestic employee $10,000 for housecare and childcare.
They received $7,000 in interest income. Total itemized deductions are $31,000. Total federal income tax withheld was $31,400. They paid in an addition $30,000 in quarterly estimated payments. Using the proper tax forms (which you can get at the irs.gov website), compute taxable income for the Does.
