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 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. This year 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.
**************************************Please Complete 2020 Schedule 1 of form 1040********************************
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