Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During 2019, 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 2019, 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 4/23/19 ( 179 elected) 2,300
Travel: 2,500 miles for business, 13,000 personal
Supplies 500
Cell phone charge 540

Cassandra (SSN 412-34-5670) resides at 1400 Medical Street, Apt. 3A, Lowland, CA 92273. Professional code 622000.

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 2018 return 350
Real estate tax 3,450
Mortgage interest 12,300

Cassandra made two federal estimated payments of $6,500 each on April 15 and June 15. She had qualifying health care coverage at all times during the tax year.

Required:

Prepare Form 1040 for Cassandra for 2019, including Schedule A, Schedule B, Schedule C, Schedule SE and Form 4562. Use the appropriate Tax Tables. (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 and percentage values to two decimal places.)

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

Foundations Of Financial Management

Authors: Stanley B Block, Geoffrey A Hirt

12th Edition

0073295817, 9780073295817

More Books

Students also viewed these Finance questions

Question

What are the four types of cash outflows from operations?

Answered: 1 week ago

Question

Compare and contrast verbal and nonverbal codes

Answered: 1 week ago

Question

Define and discuss the nature of ethnocentrism and racism

Answered: 1 week ago

Question

Define and discuss racial and ethnic stereotypes across cultures

Answered: 1 week ago