Michelle and Mark are married and file a joint return. Michelle owns and unincor
ID: 2381600 • Letter: M
Question
Michelle and Mark are married and file a joint return. Michelle owns and unincorporated dental practice. Mark works part-time as a high school math teacher, and spends the remainder of his time caring for their daughter. During the current year, they report the following items:
Item Amount Mark's salary $ 18,000 Interest earned on savings account 1,200 Interest paid on personal residence 7,100 Itemized deductions for state and local taxes 3,400 Items related to Michelle's dental practice Revenues 65,000 Payroll and salary expense 49,000 Supplies 17,000 Rent 16,400 Advertising 4,600 Depreciation 8,100Explanation / Answer
Whats the question. You have your expenses and the income