Question
Please give any guidance you can on this problem, even if it's just the calculations that would go on the Schedule 1 of form 1040.
Please give any guidance you can on this problem, even if it's just the calculations that would go on the Schedule 1 of form 1040. Thank you.
[The following information applies to the questions displayed below.]
Rocco operates a beauty salon as a sole proprietorship. Rocco also owns and rents an apartment building. In 2022, Rocco had the following income and expenses. You may assume that Rocco will owe $2,502 in self-employment tax on his salon income, with $1,251 representing the employer portion of the self-employment tax. You may also assume that his divorce from Svetlana was finalized in 2016.
Interest income | $ 11,255 |
---|---|
Salon sales and revenue | 86,360 |
Salaries paid to beauticians | 45,250 |
Beauty salon supplies | 23,400 |
Alimony paid to his ex-wife, Svetlana | 6,000 |
Rental revenue from apartment building | 31,220 |
Depreciation on apartment building | 12,900 |
Real estate taxes paid on apartment building | 11,100 |
Real estate taxes paid on personal residence | 6,241 |
Contributions to charity | 4,237 |
b-1. Complete Schedule 1 of Form 1040 for Rocco.
Visit the IRS website and download Schedule 1 of Form 1040. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save."
Note: Use 2022 tax rules regardless of year on the form.
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