COMPREHENSIVE PROBLEM 4 With Emphasis on Schedule C Shelly Beaman (social security number 412-34-5670) is single and resides at 540 Front Street, Ashland, NC 27898. Shelly's W-2 wages Federal withholding Social security wages Social security withholding Medicare withholding State withholding 1099-INT New Bank 1099-DIV XYZ, Inc. Ordinary dividends Qualified dividends $55,800 7,044 55,800 3,460 809 3,348 532 258 258 Shelly had the following itemized deductions: State income tax withholding (from W-2) $ 3,348 State income tax paid with 2018 return 600 Real estate tax 4,200 Mortgage interest 11,800 Charitable contributions 2,500 Shelly also started her own home design consulting business in March 2019. The results of Page B-5 her business operations for 2019 follow: Gross receipts from clients Vehicle mileage $154,000 21,000 business miles (2,100 per month) 32,000 total miles during the year 2011 Chevy Suburban Placed in service 03/01/19 (750) (1,500) (155) (5,300) (2,500) Postage Office supplies State license fees Supplies Professional fees (1,000) (550) (350) Design software Professional education programs (registration) Travel to education program Airplane Lodging $119ight x 3 nights Meals per diem 3 days Business Assets Laptop Computer Printer Copier Furniture Building Phone Internet service Rent Insurance Date Purchased 6/08/19 3/05/19 3/01/19 6/02/19 4/01/19 3/01/19 Cost $ 2,500 5,700 1,800 1,700 5,000 175,000 (600) (450) (8,300) (1,700) Shelly made a $29,000 estimated tax payment on September 15, 2019. Required Prepare Shelly's Form 1040 for 2019 including all appropriate schedules. Schedule A, Schedule B, Schedule C, Form 4562, and Schedule SE are required. Section 179 is elected on all eligible assets in 2019. She wants to contribute to the presidential election campaign and does not want anyone to be a third-party designee. Shelly had qualifying health care coverage at all times during the tax year. We have provided filled-in source documents that are available in Connect. For any missing information, make reasonable assumptions. COMPREHENSIVE PROBLEM 4 With Emphasis on Schedule C Shelly Beaman (social security number 412-34-5670) is single and resides at 540 Front Street, Ashland, NC 27898. Shelly's W-2 wages Federal withholding Social security wages Social security withholding Medicare withholding State withholding 1099-INT New Bank 1099-DIV XYZ, Inc. Ordinary dividends Qualified dividends $55,800 7,044 55,800 3,460 809 3,348 532 258 258 Shelly had the following itemized deductions: State income tax withholding (from W-2) $ 3,348 State income tax paid with 2018 return 600 Real estate tax 4,200 Mortgage interest 11,800 Charitable contributions 2,500 Shelly also started her own home design consulting business in March 2019. The results of Page B-5 her business operations for 2019 follow: Gross receipts from clients Vehicle mileage $154,000 21,000 business miles (2,100 per month) 32,000 total miles during the year 2011 Chevy Suburban Placed in service 03/01/19 (750) (1,500) (155) (5,300) (2,500) Postage Office supplies State license fees Supplies Professional fees (1,000) (550) (350) Design software Professional education programs (registration) Travel to education program Airplane Lodging $119ight x 3 nights Meals per diem 3 days Business Assets Laptop Computer Printer Copier Furniture Building Phone Internet service Rent Insurance Date Purchased 6/08/19 3/05/19 3/01/19 6/02/19 4/01/19 3/01/19 Cost $ 2,500 5,700 1,800 1,700 5,000 175,000 (600) (450) (8,300) (1,700) Shelly made a $29,000 estimated tax payment on September 15, 2019. Required Prepare Shelly's Form 1040 for 2019 including all appropriate schedules. Schedule A, Schedule B, Schedule C, Form 4562, and Schedule SE are required. Section 179 is elected on all eligible assets in 2019. She wants to contribute to the presidential election campaign and does not want anyone to be a third-party designee. Shelly had qualifying health care coverage at all times during the tax year. We have provided filled-in source documents that are available in Connect. For any missing information, make reasonable assumptions
