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6-30 (LO 6-1) (Algo) [The following information applies to the questions displayed below.] Betty operates a beauty salon as a sole proprietorship. Betty also owns
6-30 (LO 6-1) (Algo) [The following information applies to the questions displayed below.] 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 $2,620 in self-employment tax on her salon income, with $1,310 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016. Interest income Salon sales and revenue Salaries paid to beauticians Beauty salon supplies Alimony paid to her ex-husband, Rocky $ 14,820 88,660 46,490 23,630 7,150 Rental revenue from apartment building 35,360 Depreciation on apartment building 14,050 Real estate taxes paid on apartment building 12,020 Real estate taxes paid on personal residence Contributions to charity 6,908 4,996 Problem 6-30 Part b-1 [MUST MANUALLY GRADE] (Algo) 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 Form to your computer and then upload it here by clicking "Browse." Next, click "Save." (Use 2021 tax rules regardless of year on the form.)
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