Homework Help is Here – Start Your Trial Now!
Business
Accounting
During 2021, Cassandra Albright, who is single, worked part-time at a doctor's office and received a W-2. She also had a cash-basis consulting practice that had the following income and expenses: Revenue $ 53,000 3,300 Laptop computer purchased 4/23/21 (§ 179 elected) Travel: 2,500 miles for business, 13,000 personal Supplies 500 Cell phone charge 960 Cassandra (SSN 412-34-5670) resides at 1400 Medical Street, Apartment 3A, Lowland, CA 92273. Her W-2 shows the following: Wages $ 49,000 Federal withholding Social security wages Social security withholding 5,200 49,000 3,038 711 2,265 Medicare withholding State withholding Other income: 1099-INT Old Bank 2,200 1099-DIV Bake Company, Incorporated-Ordinary dividends 3,500 Qualified dividends 3,500 Cassandra had the following itemized deductions: State income tax withholding $ 2,265 State income tax paid with the 2020 return 350 Real estate tax 3,450 Mortgage interest 12,300 Cassandra made two federal estimated payments of $6,500 each on April 15 and June 15. Required: Prepare Form 1040 for Cassandra for 2021, including Schedule A, Schedule B, Schedule C, Schedule SE, Form 4562 and Form 8995. Use the appropriate Tax Tables.

During 2021, Cassandra Albright, who is single, worked part-time at a doctor's office and received a W-2. She also had a cash-basis consulting practice that had the following income and expenses: Revenue $ 53,000 3,300 Laptop computer purchased 4/23/21 (§ 179 elected) Travel: 2,500 miles for business, 13,000 personal Supplies 500 Cell phone charge 960 Cassandra (SSN 412-34-5670) resides at 1400 Medical Street, Apartment 3A, Lowland, CA 92273. Her W-2 shows the following: Wages $ 49,000 Federal withholding Social security wages Social security withholding 5,200 49,000 3,038 711 2,265 Medicare withholding State withholding Other income: 1099-INT Old Bank 2,200 1099-DIV Bake Company, Incorporated-Ordinary dividends 3,500 Qualified dividends 3,500 Cassandra had the following itemized deductions: State income tax withholding $ 2,265 State income tax paid with the 2020 return 350 Real estate tax 3,450 Mortgage interest 12,300 Cassandra made two federal estimated payments of $6,500 each on April 15 and June 15. Required: Prepare Form 1040 for Cassandra for 2021, including Schedule A, Schedule B, Schedule C, Schedule SE, Form 4562 and Form 8995. Use the appropriate Tax Tables.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
During 2021, Cassandra Albright, who is single, worked part-time at a doctor's office and received a W-2. She also had a cash-basis consulting practice that had the following income and expenses: Revenue $ 53,000 Laptop computer purchased 4/23/21 (§ 179 elected) 3,300 Travel: 2,500 miles for business, 13,000 personal Supplies 500 Cell phone charge 960 Cassandra (SSN 412-34-5670) resides at 1400 Medical Street, Apartment 3A, Lowland, CA 92273. Her W-2 shows the following: Wages $ 49,000 Federal withholding 5,200 Social security wages 49,000 3,038 Social security withholding Medicare withholding 711 2,265 State withholding Other income: 1099-INT Old Bank 2,200 1099-DIV Bake Company, Incorporated-Ordinary dividends 3,500 Qualified dividends 3,500 Cassandra had the following itemized deductions: State income tax withholding $ 2,265 State income tax paid with the 2020 return 350 Real estate tax 3,450 Mortgage interest 12,300 Cassandra made two federal estimated payments of $6,500 each on April 15 and June 15. Required: Prepare Form 1040 for Cassandra for 2021, including Schedule A, Schedule B, Schedule C, Schedule SE, Form 4562 and Form 8995. Use the appropriate Tax Tables.
Transcribed Image Text:During 2021, Cassandra Albright, who is single, worked part-time at a doctor's office and received a W-2. She also had a cash-basis consulting practice that had the following income and expenses: Revenue $ 53,000 Laptop computer purchased 4/23/21 (§ 179 elected) 3,300 Travel: 2,500 miles for business, 13,000 personal Supplies 500 Cell phone charge 960 Cassandra (SSN 412-34-5670) resides at 1400 Medical Street, Apartment 3A, Lowland, CA 92273. Her W-2 shows the following: Wages $ 49,000 Federal withholding 5,200 Social security wages 49,000 3,038 Social security withholding Medicare withholding 711 2,265 State withholding Other income: 1099-INT Old Bank 2,200 1099-DIV Bake Company, Incorporated-Ordinary dividends 3,500 Qualified dividends 3,500 Cassandra had the following itemized deductions: State income tax withholding $ 2,265 State income tax paid with the 2020 return 350 Real estate tax 3,450 Mortgage interest 12,300 Cassandra made two federal estimated payments of $6,500 each on April 15 and June 15. Required: Prepare Form 1040 for Cassandra for 2021, including Schedule A, Schedule B, Schedule C, Schedule SE, Form 4562 and Form 8995. Use the appropriate Tax Tables.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 9 steps with 14 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Tax Deductions
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS

Expert Answers to Latest Homework Questions

Q: 1 m3 of pure water is heated from 10˚C to 120˚C at a constant pressure of 1 atm. The volume of the…
Q: Water enters the constant 130 mm inside-diameter tubes of a boiler at 7 MPa and 65˚C and leaves the…
Q: A cylinder contains 12 L of water vapour at 150˚C and 5 atm. The temperature of the water vapour is…
Q: When 1.00 g of water at 100˚C changes from the liquid to the gas phase at atmospheric pressure, its…
Q: When a dilute gas expands quasi-statically from 0.50 to 4.0 L, it does 250 J of work. Assuming that…
Q: Water enters an adiabatic nozzle steadily at 500 kPa and 300˚C with a mass flow rate of 6000 kg/h…
Q: (read image)
Q: (read image)
Q: the 5. (P13B.10a in 11th, P15B.7a in 10th) Calculate, by explicit summation, the vibrational…
Q: (read image)
Q: (read image)
Q: ① Esterfication + R'on R Hydrolysis OH Alcohol A. 0-R Carboxylic Acid Ester NOD-10
Q: Draw the expected reactant R28. Cu(II) CO₂Me
Q: Ppplllleeeaaasssseeee helllppp wiithhh thisss Organic chemistryyyyyy I talked like this because AI…
Q: Name the family to which each organic compound belongs. The first answer has been filled in for you.…
Q: 1b. Br LOH
Q: Help me with this
Q: Reynolds Corporation shipped out an order on March 10th (FOB destination) for a total of $21,450.75.…
Q: Compute the accounts receivable turnover
Q: ??
Q: What is manufacturing cash conversion cycle?