Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cassi Taxpayer (SSN 412-34-5670) who is single, has a home cleaning business she runs as a sole proprietorship. The following are the results from business

Cassi Taxpayer (SSN 412-34-5670) who is single, has a home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2014:

Gross receipts $203,000 Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2014 Van (over 6,000 lbs) placed in service 1/01/14, cost 27,000 Postage (500) Wages (26,000) Payroll taxes (1,950) Supplies (12,500) Phone (1,250) Internet service (600) Rent (2,400) Insurance (2,800) Van expenses (4,500)

Business assets Date Purchased Cost Computer 1 5/18/14 $2,200 Computer 2 6/01/14 2,700 Printer 3/01/13 900 Copier 3/02/13 2,100 Furniture 3/01/13 6,000

Determine Cassis self-employment income and prepare Schedule C and Schedule SE. 179 expense is elected on all eligible assets ( 179 was not taken on assets purchased last year). Note: (Enter any non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given information or Problem Statement. Input all the values as positive numbers. Use Rounded values for tax computation. Do not round other intermediate computations. Round your final answers to nearest whole dollar.)

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

Step: 3

blur-text-image

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

Fundamentals of Financial Accounting

Authors: Fred Phillips, Robert Libby, Patricia Libby

6th edition

1259864235, 1259864230, 1260159547, 126015954X, 978-1259864230

More Books

Students also viewed these Accounting questions