Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

32. Maria A. Solo (SSN 318-01-6921) lives at 190 Glenn Drive, Grand Rapids, Mich 49527-2005. Maria (age 45 and single) claims her aunt, Selda Ray

image text in transcribed
image text in transcribed
32. Maria A. Solo (SSN 318-01-6921) lives at 190 Glenn Drive, Grand Rapids, Mich 49527-2005. Maria (age 45 and single) claims her aunt, Selda Ray (SSN 282-61-401IL a dependent. Selda lives with Maria. Maria owns and operates the Reliable Drug Com at 1816 First Street in Grand Rapids, Michigan 49503-1902, in which she mate participates the entire year. Her EIN is 38-9654321. Employer quarterly payroll tax retur were filed as required, and Maria values her inventory at cost. The income statement for 201 is reproduced on the next page. Maria reports on the accrual method, but uses the write-off method to compute bad debt expense. Her business code is 446110. She does n deduct expenses for an office in her home. rially "direco n examination of Maria's business records reveals that the depreciable property includes furniture and fixtures, a delivery truck, and store equipment. The depreciation expense shown on the 2014 income statement meets the income tax requirements for depreciation for using the mentioned assets during 2014. Maria rounds calculations to the nearest dollar Miscellaneous expenses include the following Reimbursement to Maria for actual expenses of a business trip ($256 for airfare and lodging, $70 for meals) $326 350 125 80 $881 Contributions to the Red Cross and United Way Chamber of Commerce dues Personal electric bill for August Total miscellaneous expenses Other income for Maria includes a salary of $100 each month for her services as a member of a working committee of the Drug Association. Her Form W-2 from the association shows gross wages of $1,200 and federal income tax withheld of $296. Maria also earned $320 in taxable interest. Maria made federal estimated tax payments totaling $5,000 during 2014 This amount is reported in the Payments section on Form 1040, page 2. Prepare Form 1040, and Schedules C, and SE for Maria Solo using the forms provided on the pages that follow

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Provider Audit In England Evaluating Medical Audit

Authors: James Buttery, Yvette; Walshe, Kieran; Rumsey, Moira; Amess, Moyra; Bennett, Jennifer & Coles

1st Edition

1898845034, 978-1898845034

More Books

Students also viewed these Accounting questions

Question

How do i solve this using MATLAB ?

Answered: 1 week ago

Question

sharing of non-material benefits such as time and affection;

Answered: 1 week ago