Question
Shelly Beaman (social security number 412-34-5670) is single and resides at 540 Front Street, Ashland, NC 27898. Shellys W-2 wages $55,800 Federal withholding 10,044 Social
Shelly Beaman (social security number 412-34-5670) is single and resides at 540 Front Street, Ashland, NC 27898.
Shellys W-2 wages $55,800 Federal withholding 10,044 Social security wages 55,800 Social security withholding 3,460 Medicare withholding 809 State withholding 3,348 1099-INT New Bank 532 1099-DIV XYZ, Inc. Ordinary dividends 258 Qualified dividends 258
Shelly had the following itemized deductions: State income tax withholding (form W-2) $ 3,348 State income tax paid with 2018 return 600 Real estate tax 4,200 Mortgage interest 11,800 Charitable contributions 2,500
Shelly also started her own home design consulting business in March 2019. The results of her business operations for 2019 follow:
Shelley made a $29,000 estimated tax payment on September 15, 2019
Required:
Prepare Shellys Form 1040 for 2019 including all appropriate schedules. Schedule A, Schedule B, Schedule C, Form 4562, and Schedule SE are required. Section 179 is elected on all eligible assets in 2019. She wants to contribute to the presidential election campaign and does not want anyone to be a third-party designee. Shelly had qualifying health care coverage at all times during the tax year.
Gross receipts from clients $154.000 Vehicle mileage 21.000 business miles 2,100 per month) 32,000 total miles during the year 2011 Chevy Suburban Placed in service 03/01/19 Postage 750) Office supplies (1.500) State license fees (155) Supplies (5,300) Professional fees (2.500) Design software (1.000) Professional education programs (registration (550) Travel to education program Airplane (350) Lodging $119ight x 3 nights Meals per diem 3 days Business Assets Date Purchased Cost Laptop 6/08/19 $ 2.500 Computer 3/05/19 5.700 Printer 3/01/19 1.800 Copier 6/02/19 1.700 Furniture 4/01/19 5.000 Building 3/01/19 175.000 Phone Internet service Rent Insurance (600) (450) 18.300) (1.700) Gross receipts from clients $154.000 Vehicle mileage 21.000 business miles 2,100 per month) 32,000 total miles during the year 2011 Chevy Suburban Placed in service 03/01/19 Postage 750) Office supplies (1.500) State license fees (155) Supplies (5,300) Professional fees (2.500) Design software (1.000) Professional education programs (registration (550) Travel to education program Airplane (350) Lodging $119ight x 3 nights Meals per diem 3 days Business Assets Date Purchased Cost Laptop 6/08/19 $ 2.500 Computer 3/05/19 5.700 Printer 3/01/19 1.800 Copier 6/02/19 1.700 Furniture 4/01/19 5.000 Building 3/01/19 175.000 Phone Internet service Rent Insurance (600) (450) 18.300) (1.700)Step by Step Solution
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