Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Christian Everland (SS# 412-34-5670) is single and resides at 3554 Arrival Road, Apartment 6E, Buckhead, GA 30625. Last year Christian started his own landscaping business.

Christian Everland (SS# 412-34-5670) is single and resides at 3554 Arrival Road, Apartment 6E, Buckhead, GA 30625.

Last year Christian started his own landscaping business. He now has two employees and had the following business results (Cash basis) in 2021:

Revenue $ 73,500
Expenses
Wages $ 12,500
Payroll taxes 956
Fuel 3,500
Repairs 2,345

Assets

Truck, used 100% for business. Original cost of $22,000. Purchased on 03/01/21.

Mower #1. Original cost of $4,500. Purchased new on 01/05/21.

Mower #2. Leased for $200 per month for all of 2021.

Other business equipment. Original cost of $4,000. Purchased new on 01/05/21.

Section 179 depreciation is elected for all assets.

Christian has no other income, does not itemize, and has no dependents. He paid four quarterly federal tax estimates of $750 each.

I need to prepare Form 1040, Schedule 1, Schedule 2, Schedule C, Schedule SE, Form 4562, Form 8995.

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

Marketing Audit Of A Private Health Care Facility Case Of The Bondeko Clinic

Authors: Tyty ELOOT ONDAIN

1st Edition

6204271237, 978-6204271231

More Books

Students also viewed these Accounting questions

Question

What is meant by a 'contingency theory' of management accounting?

Answered: 1 week ago