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 6,544
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 | 6,544 |
Social security wages | 55,800 |
Social security withholding | 3,460 |
Medicare withholding | 809 |
State withholding | 3,148 |
1099-INT New Bank | 977 |
1099-DIV XYZ, Incorporated | |
Ordinary dividends | 771 |
Qualified dividends | 522 |
Shelly had the following itemized deductions:
State income tax withholding (from W-2) | $ 3,148 |
---|---|
State income tax paid with 2021 return | 600 |
Real estate tax | 4,200 |
Mortgage interest | 11,739 |
Charitable contributions | 3,050 |
Shelly also started her own home design consulting business in March 2022. The results of her business operations (Cash basis) for 2022 follows:
Gross receipts from clients | $ 157,662 | |
---|---|---|
Vehicle mileage | 21,000 business miles (2,100 per month) | |
32,000 total miles during the year | ||
2015 Chevy Suburban | ||
Placed in service 03/01/22 | ||
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 $119 per night 3 nights | ||
Meals per diem for a day | 88 |
Business Assets | Date Purchased | Cost |
---|---|---|
Laptop | 6/08/22 | $ 2,500 |
Computer | 3/05/22 | 5,700 |
Printer | 3/01/22 | 1,800 |
Copier | 6/02/22 | 1,700 |
Furniture | 4/01/22 | 5,000 |
Building | 3/01/22 | 175,000 |
Phone | (600) | |
Internet service | (450) | |
Rent | (8,300) | |
Insurance | (1,700) |
Shelly made a $30,000 estimated tax payment on April 10, 2022.
Required:
Prepare Shellys Form 1040 for 2022 including all appropriate schedules. Schedule A, Schedule C, Form 4562, and Schedule SE are required. Section 179 is elected on all eligible assets in 2022. She wants to contribute to the presidential election campaign and does not want anyone to be a third-party designee. Shelly has not acquired any financial interest in virtual currency last year. For any missing information, make reasonable assumptions. Use the appropriate EIC Tables (6A-6, 6A-7, or 6A-8). Use the appropriate Tax Tables and Tax Rate Schedules.
Note: List the names of the taxpayers and any income they receive in the order in which they appear in the problem. Input all the values as positive numbers unless otherwise stated in the forms. Instructions can be found on certain cells within the forms. Round your intermediate computations and your final answers to the nearest whole dollar amount. Do not skip rows while entering in Other Expenses section of Schedule C and in Section B of Part III Form 4562.
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