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Shelly Beaman (social security number 412-34-5670) is single and resides at 540 Front Street, Ashland, NC 27898.
Shelly's 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
Shelly had the following itemized deductions:
State income tax withholding (from W-2)
$ 3,348
State income tax paid with 2014 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 2015. The results of her business operations for 2015 follow:
Gross receipts from clients
$154,000
Vehicle mileage
21,000 business miles (2,100 per month)
32,000 total miles during the year
2009 Chevy Suburban
Placed in service 03/01/15
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/night × 3 nights
Meals per diem $46 × 3 days
Business Assets
Date Purchased
Cost
Laptop
6/08/15
$ 2,500
Computer
3/05/15
5,700
Printer
3/01/15
1,800
Copier
6/02/15
1,700
Furniture
4/01/15
5,000
Building
175,000
Phone
(600)
Internet service
(450)
Rent
(8,300)
Insurance
(1,700)
Shelly made a $27,000 estimated tax payment on September 15, 2015.
Required:
Prepare Shelly's Form 1040 for 2015 including all of the supplementary schedules. Schedule A, Schedule B, Schedule C, Form 4562, and Schedule SE are required. Section 179 is elected on all eligible assets in 2015. 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. We have provided filled-in source documents that are available in Connect. For any missing information, make reasonable assumptions.
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