Question
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started