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Tom and Terry are married and have one child, Tammy, age 20,

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Question;Tom and Terry are married and have one child, Tammy, age 20, who is completely disabled. Tom is a self-employed handyman. Terry is a full-time caregiver for Tammy.1. Tom supplies the following information for his business:Revenue from services $65,000Materials used for customers, not billed separately 20,000Work related conference registration fees 1,500Travel to conferences 1,250Hotels at conferences 420Meals at conferences 190Accounting fees paid 1,200Internet connection fees 1,850Legal fees 625Office supplies 240Medical insurance premiums 4,0002. Both Tom and Terry contributed the maximum amounts to their IRAs.3. They paid $4,000 for a part-time caregiver to help care for Tammy.Calculate the taxable income for Tom and Terry. Then calculate the tax due ? be sure to include the self-employment tax for Tom. Show and label all of your work for partial credit.

 

Paper#38779 | Written in 18-Jul-2015

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