Cassi (SSN 412-34-5670) has a cash-basis home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2021: Gross receipts $ 203,000 Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2021 Van (over 6,000 pounds) placed in service 1/01/2021, cost 27,000 Postage (500) Wages (26,000) Payroll taxes (1,950) Supplies (12,500) Phone (1,250) Internet service (600) Rent (2,400) Insurance (2,800) Van expenses (4,500) Business assets Date Purchased Cost Computer 1 5/18/21 $ 2,200 Computer 2 6/01/21 2,700 Printer 3/01/20 900 Copier 3/02/20 2,100 Furniture 3/01/20 6,000 Required: Determine Cassi’s self-employment income and QBI deduction. Prepare Schedule C and Schedule SE. § 179 expense is elected on all eligible assets (§ 179 was not taken on assets purchased last year). (Use Table 6A-1) Note: Input all the values as positive numbers. Use Rounded values for tax computation. Do not round other intermediate computations. Round your final answers to nearest who
Cassi (SSN 412-34-5670) has a cash-basis home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2021: Gross receipts $ 203,000 Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2021 Van (over 6,000 pounds) placed in service 1/01/2021, cost 27,000 Postage (500) Wages (26,000) Payroll taxes (1,950) Supplies (12,500) Phone (1,250) Internet service (600) Rent (2,400) Insurance (2,800) Van expenses (4,500) Business assets Date Purchased Cost Computer 1 5/18/21 $ 2,200 Computer 2 6/01/21 2,700 Printer 3/01/20 900 Copier 3/02/20 2,100 Furniture 3/01/20 6,000 Required: Determine Cassi’s self-employment income and QBI deduction. Prepare Schedule C and Schedule SE. § 179 expense is elected on all eligible assets (§ 179 was not taken on assets purchased last year). (Use Table 6A-1) Note: Input all the values as positive numbers. Use Rounded values for tax computation. Do not round other intermediate computations. Round your final answers to nearest who
Chapter19: Corporations: Distributions Not In Complete Liquidation
Section: Chapter Questions
Problem 35P
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Question
Cassi (SSN 412-34-5670) has a cash-basis home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2021:
| Gross receipts | $ 203,000 |
|---|---|
| Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2021 Van (over 6,000 pounds) placed in service 1/01/2021, cost 27,000 |
|
| Postage | (500) |
| Wages | (26,000) |
| Payroll taxes | (1,950) |
| Supplies | (12,500) |
| Phone | (1,250) |
| Internet service | (600) |
| Rent | (2,400) |
| Insurance | (2,800) |
| Van expenses | (4,500) |
| Business assets | Date Purchased | Cost |
|---|---|---|
| Computer 1 | 5/18/21 | $ 2,200 |
| Computer 2 | 6/01/21 | 2,700 |
| Printer | 3/01/20 | 900 |
| Copier | 3/02/20 | 2,100 |
| Furniture | 3/01/20 | 6,000 |
Required:
Determine Cassi’s self-employment income and QBI deduction. Prepare Schedule C and Schedule SE. § 179 expense is elected on all eligible assets (§ 179 was not taken on assets purchased last year). (Use Table 6A-1)
Note: Input all the values as positive numbers. Use Rounded values for tax computation. Do not round other intermediate computations. Round your final answers to nearest who
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