Question
Required Information [The following information applies to the questions displayed below.] Betty operates a beauty salon as a sole proprietorship. Betty also owns and
Required Information [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 $2,516 in self-employment tax on her salon income, with $1,258 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016. Interest income Salon sales and revenue Salaries paid to beauticians Beauty salon supplies Alimony paid to her ex-husband, Rocky $ 11,565 86,560 45,330 23,420 6,100 Rental revenue from apartment building 31,580 Depreciation on apartment building 13,000 Real estate taxes paid on apartment building 11,180 Real estate taxes paid on personal residence Contributions to charity 6,299 4,303 a. Determine Betty's AGI. (Amounts to be deducted should be Indicated by a minus sign.) Interest income Salon revenue Operating income from salon Apartment building revenue Apartment building income AGI $ 0
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