Christian Everland (SS# 412-34-5670) is single and resides at 3554 Arrival Road, Apt. 6E, Buckhead, GA 30625.
Question:
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Christian Everland (SS# 412-34-5670) is single and resides at 3554 Arrival Road, Apt. 6E, Buckhead, GA 30625. Last year Christian started his own landscaping business (Business code: 541320, Cash-basis). He now has two employees and had the following business results in 2016:
Revenue $ 63,500
Expenses
Wages $ 12,500
Payroll taxes 956
Supplies 3,500
Repairs 2,345
Assets
Truck, used 100% for business. Original cost of $22,000. Purchased used on 03/01/16.
Mower #1. Original cost of $4,500. Purchased new on 01/05/16.
Mower #2. Leased for $200 per month for all of 2016.
Other business equipment. Original cost of $4,000. Purchased new on 01/05/16.
Section 179 is elected on all eligible assets in 2016.
Christian has no other income, does not itemize, and has no dependents. He paid four quarterly federal tax estimates of $1,000 each.
Prepare Christian's 2016 Form 1040 and supplemental schedules. Schedule C, Form 4562, and Schedule SE are required. He wants to contribute to the presidential election campaign and does not want anyone to be a third-party designee. Christian had qualifying health care coverage at all times during the tax year. For any missing information, make reasonable assumptions. (List the names of the taxpayers and any income they receive in the order in which they appear in the problem. Round your intermediate computations to the nearest whole dollar amount. Input all the values as positive numbers unless otherwise stated in the forms.)
Use the appropriate Tax Tables.
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