Determine bettys annual gross income

Reference no: EM13905865

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. Determine Betty's AGI and complete page 1 of Form 1040 for Betty. You may assume that Betty will owe $2,502 in self-employment tax on her salon income.

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

Reference no: EM13905865

Questions Cloud

What is your tentative thesis statement or hypothesis? : What is your tentative thesis statement or hypothesis?

Calculate the amounts lionel can deduct for higher education : Calculate the amounts Lionel can deduct for higher education expenses and interest on higher education loans under the given circumstances.

Determine the constant a by normalizing x : An electron is in the spin state x= A(1-2i/2). Determine the constant A by normalizing x.

Is this solution a strong electrolyte, a weak electrolyte : 1. (TCO 4) Hadley needs to make a 10% (m/v) NaCl solution for use in an experiment.(a) What is the solute in the resulting solution? What is the solvent in the solution? How do you know? (b) Is this solution a strong electrolyte, a weak electrolyte, ..

Determine bettys annual gross income : Determine Betty's AGI and complete page 1 of Form 1040 for Betty. You may assume that Betty will owe $2,502 in self-employment tax on her salon income.

Benefits of evaluating and monitoring staff members : Describe the different ways you might gather information about a staff member's workplace performance and what are the benefits of evaluating and monitoring staff members on a continuous basis?

Who presents with gradual onset of dyspnea on exertion : Tom is a 47 year old male who presents with gradual onset of dyspnea on exertion and fatigue. He also complains of frequent dyspepsia with nausea and occasional epigastric pain. So far you only know that he has a history of alcohol abuse.

What amount if any of the premium amuck paid on his behalf : What amount, if any, of the premium AMUCK paid on his behalf, must Grady include in his gross income for the year? Provide a tax authority to support your answer.

Windmire company manufactures and sells to local wholesalers : A new out of state distributor has offered to buy 50,000 units next month for $ 3.44 each.

User Account

All Pages