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
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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.
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