Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

INCOME TAX RETURN PROBLEM Below is the taxpayer information for Beverly Johnson: Beverly ( SS# 1 3 8 - 0 9 - 1 9 8

INCOME TAX RETURN PROBLEM
Below is the taxpayer information for Beverly Johnson:
Beverly (SS# 138-09-1983, date of birth: April 2,1986) is a self-employed consultant whose business uses the accrual method of accounting. Her principal business code is 540700. Her business is located at 1501 Broadway, New York, N.Y.,10019. During the year, she had the following income and expense items:
Income
Professional Fees Earned $185,000
Expenses
Office Expenses $5,413
Depreciation $15,250
Rent on Office Space $20,500
Advertising $7,577
Malpractice Insurance $6,000
Utilities $5,850
Travel business miles driven for the 1st half of the year $1,681 miles for the last half or the year).?
Lodgings - Hotels for business travel $800
Taxes & Licenses $4,500
Salary for her bookkeeper $14,650
Meals with clients (not in a restaurant) $10,050
Meals with friends $8,500
Supplies $5,600
Accounting Fees $8,950
Donation to Local Congressman Campaign $7,800
Legal Fees $11,250
Interest on Bank Loan $4,550
Cellphone for biz usage $2,500
Suits/Uniform $2,800
Please prepare the 2022 Schedule C (see attachment) for Beverly Johnson. Round up amounts to the nearest dollar, if necessary. Use the 2022 tax rules. I expect to see "totals" for lines 7,28,29,31 and 48
DO NOT COMPLETE PART III & PART IV OF THE SCHEDULE C
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Finance Transactions Policy And Regulation

Authors: Hal S. Scott

15th Edition

159941547X, 978-1599415475

More Books

Students also viewed these Finance questions