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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
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. Determine Betty's AGI and complete page 1 (through line 11) and Schedule 1 of Form 1040 for Betty. 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 Salon sales and revenue Salaries paid to heautieians Eleautjfr salon supplies Alimony paid to her errhusband, Rocky Rental revenue from apartment building Depreciation on apartment building Real estate taxes paid on apartment building Real estate taxes paid on personal residenoe Contributions to Charity $11,255 315,360 45.25.] 23,442!) 15,011] 31.23.] 12,900 11,100 {5,241 4,237
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