Michael Chen
Restaurant Owner
45
Age
Married
Status
2
Children
Business Owner
Employment
Annual Income
$180,000
Financial Overview
Current Tax Paid
$35,000
Total Deductions
$45,000
Bank Statement Summary
Business revenue: $45,000/month Payroll expenses Inventory purchases Rent and utilities
Tax Return Summary
Schedule C Business Depreciation on equipment Employee expenses Home office deduction
Detailed Bank Statements
Business Revenue (Monthly Average): - Food Sales: $35,000 - Catering Services: $8,000 - Delivery Services: $2,000 - Total Monthly Revenue: $45,000 Business Expenses: - Payroll: * Kitchen Staff: $12,000 * Servers: $8,000 * Management: $5,000 * Payroll Taxes: $2,500 - Food & Inventory: * Fresh Produce: $4,000 * Meat & Seafood: $6,000 * Dry Goods: $2,000 * Beverages: $1,500 * Paper Goods: $800 - Fixed Expenses: * Rent: $5,000 * Utilities: $1,200 * Insurance: $800 * Equipment Lease: $600 - Marketing: * Social Media: $500 * Local Advertising: $300 * Loyalty Program: $200 Personal Income: - Owner's Draw: $15,000/month - Rental Income (2nd property): $2,500/month Personal Expenses: - Mortgage: $3,500 - Children's Education: $2,000 - Family Health Insurance: $1,200 - Car Payments: $800
Detailed Tax Returns
Schedule C (Business Income): - Gross Receipts: $540,000 - Returns & Allowances: ($5,000) - Cost of Goods Sold: ($180,000) - Gross Profit: $355,000 Business Expenses: - Wages: $300,000 - Rent: $60,000 - Utilities: $14,400 - Insurance: $9,600 - Equipment Lease: $7,200 - Marketing: $12,000 - Professional Services: $6,000 - Depreciation: $15,000 - Other Expenses: $25,000 - Total Expenses: ($449,200) Other Income: - Rental Income: $30,000 - Interest Income: $500 Deductions & Credits: - Self-employed Health Insurance: $14,400 - SEP IRA Contribution: $25,000 - Home Office: $2,400 - Child Tax Credit: $4,000 - Education Credits: $2,500 Tax Calculations: - Net Business Income: $105,800 - Total Income: $136,300 - Self-employment Tax: $16,200 - Effective Tax Rate: 22.4% Quarterly Estimated Tax Payments: - Q1: $8,750 - Q2: $8,750 - Q3: $8,750 - Q4: $8,750
