CONCEPTS IN FED.TAX.,2020-W/ACCESS
CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN: 9780357110362
Author: Murphy
Publisher: CENGAGE L
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Chapter 2, Problem 81TPC
To determine

Prepare a three-year projection of the income of the business and the total taxes for a partnership and for a corporation.

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Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. This year Betty had the following income and expenses. You may assume that Betty will owe $2,502 in self-employment tax on her salon income, with $1,251 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016.         Interest income $ 11,255 Salon sales and revenue   86,360 Salaries paid to beauticians   45,250 Beauty salon supplies   23,400 Alimony paid to her ex-husband, Rocky   6,000 Rental revenue from apartment building   31,220 Depreciation on apartment building   12,900 Real estate taxes paid on apartment building   11,100 Real estate taxes paid on personal residence   6,241 Contributions to charity   4,237     b-1. Complete Schedule 1 of Form 1040 for Betty.
Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. In 2021, Betty had the following income and expenses. You may assume that Betty will owe $2,624 in self-employment tax on her salon income, with $1,312 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016.   Interest income $ 14,975 Salon sales and revenue 88,760 Salaries paid to beauticians 46,550 Beauty salon supplies 23,640 Alimony paid to her ex-husband, Rocky 7,200 Rental revenue from apartment building 35,540 Depreciation on apartment building 14,100 Real estate taxes paid on apartment building 12,060 Real estate taxes paid on personal residence 6,937 Contributions to charity 5,029       b-1. Complete Schedule 1 of Form 1040 for Betty.   Visit the IRS website and download Schedule 1 of Form 1040. Enter the required values in the appropriate fields. Save your completed Tax…
Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. In 2021, Betty had the following income and expenses. You may assume that Betty will owe $2,624 in self-employment tax on her salon income, with $1,312 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016.   Interest income $ 14,975 Salon sales and revenue 88,760 Salaries paid to beauticians 46,550 Beauty salon supplies 23,640 Alimony paid to her ex-husband, Rocky 7,200 Rental revenue from apartment building 35,540 Depreciation on apartment building 14,100 Real estate taxes paid on apartment building 12,060 Real estate taxes paid on personal residence 6,937 Contributions to charity 5,029     a. Determine Betty's AGI. (Amounts to be deducted should be indicated by a minus sign.)

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CONCEPTS IN FED.TAX.,2020-W/ACCESS

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