Question
During 2020, 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 2020, 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 4/23/20 ( 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.
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 Company, IncorporatedOrdinary 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 2019 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.
Required:
Prepare Form 1040 for Cassandra for 2020, including Schedule A, Schedule B, Schedule C, Schedule SE and Form 4562. Use the appropriate Tax Tables.
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