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Sam is single, under 65, and has no children. Claim a standard deduction. He has his own business:
Sam is single, under 65, and has no children. Claim 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
Compute his tax due or refund. Be sure to compute his self-employment tax.
