Determine bettys annual gross income
Question # 00767774
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Updated on: 06/26/2020 05:45 AM Due on: 06/29/2020
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 |
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