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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
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 $2,502 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 Salon sales and revenue Salaries paid to beauticians Beauty salon supplies Alimony paid to her ex-husband, Rocky Rental revenue from apartment building Depreciation on apartment building Real estate taxes paid on apartment building Real estate taxes paid on personal residence Contributions to charity $ 11,255 86,360 45,250 23,400 6,000 31,220 12,900 11,100 6,241 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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