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I need help with using this info (the income statement) to fill out theSchedule C and Form 1040 10. Maria A. Solo owns and operates

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I need help with using this info (the income statement) to fill out theSchedule C and Form 1040

10. Maria A. Solo owns and operates the Reliable Drug Store. Chapter 7 Cumulative Problem 2 required preparation of Form 1040, Schedules 1, 2, C, SE, and Form 8812. Her income is Qualified Business Income. a. Should Maria prepare Form 8995 or Form 8995-A? b. Fill out the appropriate form for Maria to claim her Qualified Business Income deduction. (SSN 318-01-6921) lives at 190 Glenn Drive, Grand Rapids, Michigan 49527-2005. Maria (age 45 and single) claims her aunt, Selda Ray (SSN 282-61-4011), as a dependent. Selda lives with Maria. Maria owns and operates the Reliable Drug Store at 1816 First Street in Grand Rapids, Michigan 49503-1902, in which she materially participates the entire year. Her EIN is 38-9654321. Employer quarterly payroll tax returns were filed as required, and Maria values her inventory at cost. The income statement for 2021 is Maria reproduced on the next page. reports on the accrual method but uses the "direct write-off" method to compute bad debt expense. Her business code is 446110. She does not deduct expenses for an office in her home. An examination of Maria's business records reveals that the depreciable property includes furniture and fixtures, a delivery truck, and store equipment. The depreciation expense shown on the 2021 income statement meets the income tax requirements for depreciation for using the mentioned assets during 2021. Maria rounds calculations to the nearest dollar. include the following: Miscellaneous expenses Contributions to the Red Cross and United Way Chamber of Commerce dues Personal electric bill for August Total miscellaneous expenses $350 125 80 $555 Other income for Maria includes a salary of $100 each month for her services as a member of a working committee of the Drug Association. Her Form W-2 from the association shows gross wages of $1,200 and federal income tax withheld of $296. Maria also earned $320 in taxable interest. Maria made federal estimated tax payments totaling $5,000. This amount is reported on Schedule 3 (Form 1040 or 1040-SR) and on line 18 of Form 1040, page 2. Prepare Form 1040, Schedules 1, 2, 8812, C, and SE, and Form 8995 for Maria Solo using the forms provided on the pages that follow. Maria does not want $3 to go to the Presidential election campaign fund. She signs her return on April 15, 2021.

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