Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please calculate the total tax withholding W-4 2021 for Alex. FORM 1040 DATA TAX YEAR 2021 ALEX SANTANDER IS SINGLE. SHE IS 47 YEARS OLD
Please calculate the total tax withholding W-4 2021 for Alex.
FORM 1040 DATA TAX YEAR 2021 ALEX SANTANDER IS SINGLE. SHE IS 47 YEARS OLD AND IS A CONSULTANT. SHE HAS ONE CHILD, AGE 8, THAT LIVES WITH HER. HER MOTHER, AGE 80, ALSO LIVES WITH HER AND QUALIFIES AS ALEX'S DEPENDENT. ALEX QUALIFIES AS HEAD OF HOUSEHOLD. THEIR ADDRESS IS 9 ADAMS LANE EAST PROVIDENCE, RI 02914. ALEXPIETRODONATELLASANTANDERSANTANDERMASTROIANNISELFSONMOTHER037403333358741111037416112 INCOME ALEX'S SALARY: TAXABLEWAGES(FROMHERSMALLSCORPORATION)FEDERALINCOMETAXWITHHELDSTATEINCOMETAXWITHHELDTERESTINCOMEFROMCITIZENSBANKVIDENDINCOMEFROME*TRADESECURITIES(2,500AREQUALIFIEDDIVIDENDS)NG-TERMCAPITALGAINDISTRIBUTIONSFROME*TRADESECURITIES22,0001,2004001003,0001,60080 ACME COMPANY (EIN 05-3584111) S-CORPORATION K-1 SEPARATELY-STATED ITEMS. ALEX IS A STOCKHOLDER AND MATERIALLY PARTICIPATES IN THE ACTIVITY. THE ACTIVITY QUALFIES FOR THE QBI DEDUCTION. SHORT-TERMCAPITALGAININCOMEORDINARYINCOMEINTERESTINCOMESHGIFTFROMHERCOUSIN1,5002,50011015,0002,000 ALEX HAS BEEN SELF-EMPLOYED AS A CONSULTANT (BUSINESS CODE 541990) FOR MANY YEARS. SHE USES CASH BASIS ACCOUNTING. SHE WAS NOT REQUIRED TO FILE FORMS 1099-NEC FOR NON-EMPLOYEE COMPENSATION. GROSS RECEIPTS 65,000 DEDUCTIONS THESE ARE ALEX'S BUSINESS EXPENSES FROM HER CONSULTING BUSINESS: ADVERTISING TELEPHONE 700 INTERNET 1,000 EQUIPMENT RENTAL 700 LEGAL AND PROFESSIONAL FEES 1,300 500 LIABILITY INSURANCE 1,200 OFFICE SUPPPLIES EXPENSE 2,300 ALEX USES PART OF THEIR HOUSE AS A HOME OFFICE. THE TOTAL SQUARE FOOTAGE IS 2,500 AND THE BUSINESS SQUARE FOOTAGE IS 200. SHE USES THE SIMPLIFIED METHOD. ALEX USED HER CAR TO TRAVEL TO CLIENTS. SHE USES THE MILEAGE METHOD TO DEDUCT AUTO EXPENSES. TOTAL MILEAGE FOR THE YEAR WAS 17,500. BUSINESS MILEAGE FOR THE YEAR WAS 5, 750 . THE CAR IS NEW AND WAS FIRST PLACED IN SERVICE 1/1/21. SHE KEEPS A MILEAGE LOG AND ALSO HAS ACCESS TO HER MOTHER'S CAR IF NEED BE. FORM 1040 DATA TAX YEAR 2021 ALEX SANTANDER IS SINGLE. SHE IS 47 YEARS OLD AND IS A CONSULTANT. SHE HAS ONE CHILD, AGE 8, THAT LIVES WITH HER. HER MOTHER, AGE 80, ALSO LIVES WITH HER AND QUALIFIES AS ALEX'S DEPENDENT. ALEX QUALIFIES AS HEAD OF HOUSEHOLD. THEIR ADDRESS IS 9 ADAMS LANE EAST PROVIDENCE, RI 02914. ALEXPIETRODONATELLASANTANDERSANTANDERMASTROIANNISELFSONMOTHER037403333358741111037416112 INCOME ALEX'S SALARY: TAXABLEWAGES(FROMHERSMALLSCORPORATION)FEDERALINCOMETAXWITHHELDSTATEINCOMETAXWITHHELDTERESTINCOMEFROMCITIZENSBANKVIDENDINCOMEFROME*TRADESECURITIES(2,500AREQUALIFIEDDIVIDENDS)NG-TERMCAPITALGAINDISTRIBUTIONSFROME*TRADESECURITIES22,0001,2004001003,0001,60080 ACME COMPANY (EIN 05-3584111) S-CORPORATION K-1 SEPARATELY-STATED ITEMS. ALEX IS A STOCKHOLDER AND MATERIALLY PARTICIPATES IN THE ACTIVITY. THE ACTIVITY QUALFIES FOR THE QBI DEDUCTION. SHORT-TERMCAPITALGAININCOMEORDINARYINCOMEINTERESTINCOMESHGIFTFROMHERCOUSIN1,5002,50011015,0002,000 ALEX HAS BEEN SELF-EMPLOYED AS A CONSULTANT (BUSINESS CODE 541990) FOR MANY YEARS. SHE USES CASH BASIS ACCOUNTING. SHE WAS NOT REQUIRED TO FILE FORMS 1099-NEC FOR NON-EMPLOYEE COMPENSATION. GROSS RECEIPTS 65,000 DEDUCTIONS THESE ARE ALEX'S BUSINESS EXPENSES FROM HER CONSULTING BUSINESS: ADVERTISING TELEPHONE 700 INTERNET 1,000 EQUIPMENT RENTAL 700 LEGAL AND PROFESSIONAL FEES 1,300 500 LIABILITY INSURANCE 1,200 OFFICE SUPPPLIES EXPENSE 2,300 ALEX USES PART OF THEIR HOUSE AS A HOME OFFICE. THE TOTAL SQUARE FOOTAGE IS 2,500 AND THE BUSINESS SQUARE FOOTAGE IS 200. SHE USES THE SIMPLIFIED METHOD. ALEX USED HER CAR TO TRAVEL TO CLIENTS. SHE USES THE MILEAGE METHOD TO DEDUCT AUTO EXPENSES. TOTAL MILEAGE FOR THE YEAR WAS 17,500. BUSINESS MILEAGE FOR THE YEAR WAS 5, 750 . THE CAR IS NEW AND WAS FIRST PLACED IN SERVICE 1/1/21. SHE KEEPS A MILEAGE LOG AND ALSO HAS ACCESS TO HER MOTHER'S CAR IF NEED BEStep 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