Question
During 2016, Cassandra Albright, who is single, worked part-time at a doctors office and received a W-2. She also had a cash-basis consulting practice that
During 2016, Cassandra Albright, who is single, worked part-time at a doctors office and received a W-2. She also had a cash-basis consulting practice that had the following income and expenses:
Revenue | $ | 48,000 |
Laptop computer purchased 4/23/16 ( 179 elected) | 2,300 | |
Travel 2,500 miles for business, 13,000 personal | ||
Supplies | 500 | |
Cell phone charge | 540 | |
Professional code | 622000 | |
Cassandra (SSN 412-34-5670) resides at 1400 Medical Street, Apt. 3A, Lowland, CA 12345. Her W-2 shows the following:
Wages | $ | 45,300 |
Federal withholding | 4,983 | |
Social security wages | 45,300 | |
Social security withholding | 2,809 | |
Medicare withholding | 657 | |
State withholding | 2,265 | |
Other income: | ||
1099-INT Old Bank | 2,300 | |
1099-DIV Bake Co., Inc.Ordinary dividends | 3,100 | |
Qualified dividends | 3,100 | |
Cassandra had the following itemized deductions:
State income tax withholding | $ | 2,265 |
State income tax paid with the 2015 return | 350 | |
Real estate tax | 3,450 | |
Mortgage interest | 12,300 | |
Cassandra made two federal estimated payments of $7,000 each on April 15 and June 15. She had qualifying health care coverage at all times during the tax year. Prepare Form 1040 for Cassandra for 2016, including Schedule A, Schedule B, Schedule C, Schedule SE and Form 4562. Use the appropriate Tax Tables.
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