Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. During 2021, Cassandra Albright, who is single, worked part-time at a doctor's office and received a W-2. She also had a cash- basis consulting practice that had the following income and expenses: Revenue Laptop computer purchased 4/23/21 (§ 179 elected) Travel: 2,500 miles for business, 13,000 personal Supplies Cell phone charge $ 53,000 3,300 500 960 Cassandra (SSN 412-34-5670) resides at 1400 Medical Street, Apartment 3A, Lowland, CA 92273. Her W-2 shows the following: Wages Federal withholding Social security wages Social security withholding Medicare withholding State withholding Other income: $ 49,000 5,200 49,000 3,038 711 2,265 1099-INT Old Bank 2,200 1099-DIV Bake Company, Incorporated-Ordinary dividends 3,500 Qualified dividends 3,500 Cassandra had the following itemized deductions: State income tax withholding State income tax paid with the 2020 return Real estate tax Mortgage interest $ 2,265 350 3,450 12,300 Cassandra made two federal estimated payments of $6,500 each on April 15 and June 15. Required: Prepare Form 1040 for Cassandra for 2021, including Schedule A, Schedule B, Schedule C, Schedule SE, Form 4562 and Form 8995. Use the appropriate Tax Tables. Droy 11 of 11 Next
Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. During 2021, Cassandra Albright, who is single, worked part-time at a doctor's office and received a W-2. She also had a cash- basis consulting practice that had the following income and expenses: Revenue Laptop computer purchased 4/23/21 (§ 179 elected) Travel: 2,500 miles for business, 13,000 personal Supplies Cell phone charge $ 53,000 3,300 500 960 Cassandra (SSN 412-34-5670) resides at 1400 Medical Street, Apartment 3A, Lowland, CA 92273. Her W-2 shows the following: Wages Federal withholding Social security wages Social security withholding Medicare withholding State withholding Other income: $ 49,000 5,200 49,000 3,038 711 2,265 1099-INT Old Bank 2,200 1099-DIV Bake Company, Incorporated-Ordinary dividends 3,500 Qualified dividends 3,500 Cassandra had the following itemized deductions: State income tax withholding State income tax paid with the 2020 return Real estate tax Mortgage interest $ 2,265 350 3,450 12,300 Cassandra made two federal estimated payments of $6,500 each on April 15 and June 15. Required: Prepare Form 1040 for Cassandra for 2021, including Schedule A, Schedule B, Schedule C, Schedule SE, Form 4562 and Form 8995. Use the appropriate Tax Tables. Droy 11 of 11 Next
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter9: Individuals As Taxpayers
Section: Chapter Questions
Problem 16P
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Question
Transcribed Image Text:Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the
problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in
any virtual currency during the year.
During 2021, Cassandra Albright, who is single, worked part-time at a doctor's office and received a W-2. She also had a cash-
basis consulting practice that had the following income and expenses:
Revenue
Laptop computer purchased 4/23/21 (§ 179 elected)
Travel: 2,500 miles for business, 13,000 personal
Supplies
Cell phone charge
$ 53,000
3,300
500
960
Cassandra (SSN 412-34-5670) resides at 1400 Medical Street, Apartment 3A, Lowland, CA 92273.
Her W-2 shows the following:
Wages
Federal withholding
Social security wages
Social security withholding
Medicare withholding
State withholding
Other income:
$ 49,000
5,200
49,000
3,038
711
2,265
1099-INT Old Bank
2,200
1099-DIV Bake Company, Incorporated-Ordinary dividends
3,500
Qualified dividends
3,500
Cassandra had the following itemized deductions:
State income tax withholding
State income tax paid with the 2020 return
Real estate tax
Mortgage interest
$ 2,265
350
3,450
12,300
Cassandra made two federal estimated payments of $6,500 each on April 15 and June 15.
Required:
Prepare Form 1040 for Cassandra for 2021, including Schedule A, Schedule B, Schedule C, Schedule SE, Form 4562 and Form
8995. Use the appropriate Tax Tables.
Droy
11 of 11
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