Tax Year 2020
Shelly Beaman (social security number 412-34-5670) is single and resides at 540 Front Street, Ashland, NC 27898. Shelly's W-2 wages Federal withholding Social security wages Social security withholding Medicare withholding State withholding 1999-INT New Bank 1999-DIV XYZ, Incorporated Ordinary dividends Qualified dividends $ 55,800 6,544 55,800 3,460 809 3, 148 632 258 258 Shelly had the following itemized deductions: State income tax withholding (from W-2) State income tax paid with 2819 return Real estate tax Mortgage interest Charitable contributions $ 3.148 608 4, 2ee 11,800 2.500 Shelly also started her own home design consulting business in March 2020. The results of her business operations (Cash basis) for 2020 follows: $ 154,900 Gross receipts from clients Vehicle mileage 21,eee business miles (2,180 per month) 32,000 total miles during the year 2012 Chevy Suburban Placed in service 03/01/20 Postage Office supplies State license fees Supplies Professional fees Design software Professional education programs (registration) Travel to education program Airplane Lodging $119ight x 3 nights Meals per diem for a day (758) (1,500) (155) (5,300) (2,500) (1,680) (558) (358) ss Business Assets Laptop Computer Printer Copier Furniture Building Phone Internet service Rent Insurance Date Purchased 6/08/2e 3/05/20 3/01/20 6/02/2e 4/01/20 3/01/2e Cost $ 2, see 5,700 1, Bee 1,700 5, eee 175,000 (688) (450) (8,388) (1,788) Shelly made a $29.000 estimated tax payment on June 15, 2020. Required: Prepare Shelly's Form 1040 for 2020 including all appropriate schedules. Schedule A. Schedule C, Form 4562, and Schedule SE are required. Section 179 is elected on all eligible assets in 2020. She wants to contribute to the presidential election campaign and does not want anyone to be a third-party designee. For any missing Information, make reasonable assumptions. (Llst 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 Intermedlate computations and your final answers to the nearest whole dollar amount. Do not sklp rows while entering in Other Expenses section of Schedule C and in Section B of Part III Form 4562.) Use the appropriate EIC Tables (6A-6, 6A-7 or 6A-8). Use the appropriate Tax Tables and Tax Rate Schedules. Form 1040 for a single taxpayer with no dependents. 1040 PG 1 1040 PG 2 Schedule 1 Schedule 2 2 Schedule A Schedule C Schedule SE Form 4562 P1 Form 4562 P2 Form 8995 Shelly Beaman (social security number 412-34-5670) is single and resides at 540 Front Street, Ashland, NC 27898. Shelly's W-2 wages Federal withholding Social security wages Social security withholding Medicare withholding State withholding 1999-INT New Bank 1999-DIV XYZ, Incorporated Ordinary dividends Qualified dividends $ 55,800 6,544 55,800 3,460 809 3, 148 632 258 258 Shelly had the following itemized deductions: State income tax withholding (from W-2) State income tax paid with 2819 return Real estate tax Mortgage interest Charitable contributions $ 3.148 608 4, 2ee 11,800 2.500 Shelly also started her own home design consulting business in March 2020. The results of her business operations (Cash basis) for 2020 follows: $ 154,900 Gross receipts from clients Vehicle mileage 21,eee business miles (2,180 per month) 32,000 total miles during the year 2012 Chevy Suburban Placed in service 03/01/20 Postage Office supplies State license fees Supplies Professional fees Design software Professional education programs (registration) Travel to education program Airplane Lodging $119ight x 3 nights Meals per diem for a day (758) (1,500) (155) (5,300) (2,500) (1,680) (558) (358) ss Business Assets Laptop Computer Printer Copier Furniture Building Phone Internet service Rent Insurance Date Purchased 6/08/2e 3/05/20 3/01/20 6/02/2e 4/01/20 3/01/2e Cost $ 2, see 5,700 1, Bee 1,700 5, eee 175,000 (688) (450) (8,388) (1,788) Shelly made a $29.000 estimated tax payment on June 15, 2020. Required: Prepare Shelly's Form 1040 for 2020 including all appropriate schedules. Schedule A. Schedule C, Form 4562, and Schedule SE are required. Section 179 is elected on all eligible assets in 2020. She wants to contribute to the presidential election campaign and does not want anyone to be a third-party designee. For any missing Information, make reasonable assumptions. (Llst 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 Intermedlate computations and your final answers to the nearest whole dollar amount. Do not sklp rows while entering in Other Expenses section of Schedule C and in Section B of Part III Form 4562.) Use the appropriate EIC Tables (6A-6, 6A-7 or 6A-8). Use the appropriate Tax Tables and Tax Rate Schedules. Form 1040 for a single taxpayer with no dependents. 1040 PG 1 1040 PG 2 Schedule 1 Schedule 2 2 Schedule A Schedule C Schedule SE Form 4562 P1 Form 4562 P2 Form 8995
