This assignment requires the preparation of Schedule C and Schedule SE tax forms for Dwight's beet pickling business for the 2018 tax year. The provided information includes income from a 1099-MISC form, expense details (accountant fees, supplies, client meals and entertainment, and car property taxes), and vehicle usage data. Students are tasked with calculating the business's net profit or loss on Schedule C, considering relevant deductions such as the standard mileage rate for vehicle expenses. They must then use the calculated net profit to complete Schedule SE, determining Dwight's self-employment tax liability, considering his wages from Forms W-2 and the social security wage limit. The solution involves accurate data entry, understanding of tax regulations for sole proprietorships, and proper application of deductions to arrive at the correct tax figures.
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