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Required information Problem 6-34 (LO 6-1) (Static) [The following information applies to the questions displayed below.] Rocco operates a beauty salon as a sole
Required information Problem 6-34 (LO 6-1) (Static) [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 Salon sales and revenue Salaries paid to beauticians Beauty salon supplies $ 11,255 86,360 45,250 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 Contributions to charity 6,241 4,237
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