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Rocco operates a beauty salon as a sole proprietorship. Rocco also owns and rents an apartment building. In 2 0 2 3 , Rocco had

Rocco operates a beauty salon as a sole proprietorship. Rocco also owns and rents an apartment building. In 2023, Rocco had the following income and expenses. You may assume that Rocco will owe $2,528 in self-employment tax on his salon income, with $1,264 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
Alimony paid to his ex-wife, Svetlana
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
$11,875
86,760
45,430
23,440
6,200
31,940
13,100
11,260
6,357
4,369
b-1. Complete Schedule 1 of Form 1040 for Rocco.
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 Next, click "Save."
Note: Use 2023 tax rules regardless of year on the form.
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