Reference no: EM13543236
Prepare an income tax return for a married couple who are filing jointly. The husband is employed by someone and his wife is self-employed.
Comprehensive Tax Return Problem
Bruce and Lisa Smith are married and will file a joint return. They have two dependent children, Philip, born 10/20/2001 and Michael, born 1/15/1998. Philip's ssn is 987-65-5432 and Michael's SSN is 876-54¬3210.
Bruce is employed as a staff accountant for Laser's Inc. His income and withholdings are summarized on the W-2 form provided. Lisa is a self-employed computer consultant. She received 3 form 1099's that summarize her revenue from her consulting business. Her expenses are summarized on a separate sheet.
Complete the tax return for Bruce and Lisa.
Use forms 1040, sch A , Sch C and Sch SE
1) organize your information. Tabulate all of the charitable contributions, employee business expenses, etc on one sheet. You can use that sheet to enter much of the data.
2) Complete Schedule C first, and then Schedule SE. You need information from these two schedules to do Form 1040 and ultimately, Schedule A.