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Cassi (SSN 412-34-5670) has a cash-basis home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2021: Gross receipts 203,000 Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2021 Van (over 6,000 pounds) placed in service 1/01/2021, cost 27,000 Postage (500) Wages (26,000) Payroll taxes (1,950) Supplies (12,500) Phone (1,250) Internet service (600) Rent (2,400) Insurance (2,800) Van expenses (4,500) Business assetsDate Purchased Cost Computer 1 5/18/21 $ 2,200 Computer 2 6/01/21 2,700 Printer 3/01/20 900 Copier 3/02/20 2,100 Furniture 3/01/20 6,000 Required: Determine Cassi's self-employment income and QBI deduction. Prepare Schedule C and Schedule SE. § 179 expense is elected on all eligible assets (§ 179 was not taken on assets purchased last year)

Cassi (SSN 412-34-5670) has a cash-basis home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2021: Gross receipts 203,000 Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2021 Van (over 6,000 pounds) placed in service 1/01/2021, cost 27,000 Postage (500) Wages (26,000) Payroll taxes (1,950) Supplies (12,500) Phone (1,250) Internet service (600) Rent (2,400) Insurance (2,800) Van expenses (4,500) Business assetsDate Purchased Cost Computer 1 5/18/21 $ 2,200 Computer 2 6/01/21 2,700 Printer 3/01/20 900 Copier 3/02/20 2,100 Furniture 3/01/20 6,000 Required: Determine Cassi's self-employment income and QBI deduction. Prepare Schedule C and Schedule SE. § 179 expense is elected on all eligible assets (§ 179 was not taken on assets purchased last year)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cassi (SSN 412-34-5670) has a cash-basis home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2021: Gross receipts 203,000 Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2021 Van (over 6,000 pounds) placed in serviče 1/01/2021, cost 27,000 Postage (500) Wages (26,000) Payroll taxes (1,950) Supplies (12,500) Phone (1,250) Internet service (600) Rent (2,400) Insurance (2,800) Van expenses (4,500) Business assetsDate Purchased Cost Computer 1 5/18/21 $ 2,200 Computer 2 6/01/21 2,700 Printer 3/01/20 900 Copier 3/02/20 2,100 Furniture 3/01/20 6,000 Required: Determine Cassi's self-employment income and QBI deduction. Prepare Schedule C and Schedule SE. § 179 expense is elected on all eligible assets (§ 179 was not taken on assets purchased last year)
Transcribed Image Text:Cassi (SSN 412-34-5670) has a cash-basis home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2021: Gross receipts 203,000 Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2021 Van (over 6,000 pounds) placed in serviče 1/01/2021, cost 27,000 Postage (500) Wages (26,000) Payroll taxes (1,950) Supplies (12,500) Phone (1,250) Internet service (600) Rent (2,400) Insurance (2,800) Van expenses (4,500) Business assetsDate Purchased Cost Computer 1 5/18/21 $ 2,200 Computer 2 6/01/21 2,700 Printer 3/01/20 900 Copier 3/02/20 2,100 Furniture 3/01/20 6,000 Required: Determine Cassi's self-employment income and QBI deduction. Prepare Schedule C and Schedule SE. § 179 expense is elected on all eligible assets (§ 179 was not taken on assets purchased last year)
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