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. 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

I nee with this information file form 1040

Question

14-02-2020
Business

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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. 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

I nee with this information file form 1040

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mirianmoses mirianmoses · Answer 1 · 2020-02-16T17:17:39+01:00

Answer:

Explanation:

The salaries and expenses of the beauty parlor are deductible on Schedule C as business expenses and the depreciation and real estate taxes for the apartment building are deductible for AGI as rental or royalty related deductions. Interest income is included in AGI and the alimony expense is deductible for AGI.

Note: Assumed that the apartment building amounts represent Betty's interest and not the total amount. Te residential real estate taxes and the charitable contributions are detailed below:

Interest Income $ 11255

Salon Revenue $ 86360

Less: Salaries - $ 45250

Supplies - $ 23400

Operating income from Salon $ 17710

Apartment building revenue $ 31220

Less: Depreciation - $ 12900

Taxes on apartment building - $ 11100

Apartment building income $ 7220

Less: Employer share of self employment taxes * - $ 1251

Alimony Deduction - $ 6000

AGI $ 28934

* Betty will owe $ 2502 in self employment tax on her salon income ($ 17710 salon income * 92.35% * 15.3%)

Of the $ 2502, ($ 17710 * 92.35% * 7.65%) = $ 1251 would be deductible as a for AGI deduction

Tundexi Tundexi · Answer 2 · 2022-02-25T13:01:08+01:00

The adjusted gross income for Betty's salon is $28,934.

In tax filing, the salaries & expenses of the beauty parlor are deductible on Schedule C as business expenses.

The depreciation and real estate taxes for the apartment building are deductible for AGI as rental or royalty related deductions.

The Interest income is included in AGI and the alimony expense is deductible for AGI.

Particulars Amount

Interest Income $11255

Add: Salon Revenue $86360

Less: Salaries $45250

Less: Supplies $23400

Operating income $17,710

Particulars Amount

Apartment building revenue $31220

Apartment building income $7220

Less: Depreciation $12900

Taxes on apartment building $11100

Employer share of taxes * $1251

Alimony Deduction $6000

Adjusted gross income $28,934

Note

Betty will owe $2502 in self employment tax on her salon income ($17,710 * 92.35% * 15.3%)
$1,251 would be deductible as a for AGI ($17710 * 92.35% * 7.65%)