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. (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. Instructions can be found on certain cells within the forms. Do not skip rows, while entering Other Expenses section in Schedule C.)
- 1040 PG 1
- 1040 PG 2
- Schedule 1
- Schedule 2
- Schedule A
- Schedule B
- Schedule C
- Schedule SE
- Form 4562
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