Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hello, I have attached a document with a tax question. Thank you. COMPREHENSIVE PROBLEM 4 With Emphasis on Schedule C Shelly Beaman (social security number
Hello, I have attached a document with a tax question. Thank you.
COMPREHENSIVE PROBLEM 4 With Emphasis on Schedule C Shelly Beaman (social security number 412345670) is single and resides at 540 Front Street, Ashland, NC 27898. Shelly's W-2 wages $55,800 Federal withholding 10,044 Social security wages 55,800 Social security withholding 3,460 Medicare withholding State withholding 1099-INT New Bank 809 3,348 532 1099-DIV XYZ, Inc. Ordinary dividends 258 Qualified dividends 258 Shelly had the following itemized deductions: State income tax withholding (from W-2) $3,348 State income tax paid with 2014 return 600 Real estate tax 4,200 Mortgage interest 11,800 Charitable contributions 2,500 Page B-5 Shelly also started her own home design consulting business in March 2015. The results of her business operations for 2015 follow: Gross receipts from clients Vehicle mileage $154,000 21,000 business miles (2,100 per month) 32,000 total miles during the year 2009 Chevy Suburban Placed in service 03/01/15 Postage (750) Office supplies (1,500) State license fees (155) Supplies (5,300) Professional fees (2,500) Design software (1,000) Professional education programs (registration) (550) Travel to education program Airplane (350) Lodging $119ight 3 nights Meals per diem $46 3 days Business Assets Date Purchased Cost Laptop 6/08/15 $2,500 Computer 3/05/15 5,700 Printer 3/01/15 1,800 Copier 6/02/15 1,700 Furniture 4/01/15 5,000 Building 3/01/15 175,000 Phone (600) Internet service (450) Rent (8,300) Insurance (1,700) Shelly made a $27,000 estimated tax payment on September 15, 2015. Required: Prepare Shelly's Form 1040 for 2015 including all of the supplementary schedules. Schedule A, Schedule B, Schedule C, Form 4562, and Schedule SE are required. Section 179 is elected on all eligible assets in 2015. She wants to contribute to the presidential election campaign and does not want anyone to be a thirdparty designee. Shelly had qualifying health care coverage at all times during the tax year. We have provided filledin source documents that are available in Connect. For any missing information, make reasonable assumptionsStep 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