Question
Required information Skip to question [The following information applies to the questions displayed below.] Betty operates a beauty salon as a sole proprietorship. Betty also
Required information Skip to question [The following information applies to the questions displayed below.]
Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. In 2021, Betty had the following income and expenses. You may assume that Betty will owe $2,502 in self-employment tax on her salon income, with $1,251 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky 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 her ex-husband, Rocky 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 Betty.
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." (Use 2021 tax rules regardless of year on the form.)
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