Question
During 2022, Cassandra Albright, who is single, worked part-time at a doctors office and received a W-2. She also had a consulting practice that had
During 2022, Cassandra Albright, who is single, worked part-time at a doctor’s office and received a W-2. She also had a consulting practice that had the following income and expenses:
Revenue $ 53,000 Laptop computer purchased 4/23/22 (§ 179 elected) 3,300 Travel: 2,500 miles for business, 13,000 personal (miles incurred ratably throughout the year) Supplies 500 Cell phone charge 960 Cassandra (SSN 412-34-5670) resides at 1400 Medical Street, Apartment 3A, Lowland, CA 92273.
Her W-2 shows the following:
Wages $ 49,223 Federal withholding 5,200 Social security wages 49,223 Social security withholding 3,052 Medicare withholding 714 State withholding 2,265 Other income: 1099-INT Old Bank 2,200 1099-DIV Bake Company, Incorporated—Ordinary dividends 3,500 Qualified dividends 3,500 Cassandra had the following itemized deductions:
State income tax withholding $ 2,265 State income tax paid with the 2021 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 2022, including Schedule A, Schedule B, Schedule C, Schedule SE, Form 4562 and Form 8995. Use the appropriate Tax Tables.
Note: 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.
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