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 $ 53,000 3,300 Laptop computer purchased 4/23/21 (§ 179 elected) Travel: 2,500 miles for business, 13,000 personal Supplies 500 Cell phone charge 960 Cassandra (SSN 412-34-5670) resides at 1400 Medical Street, Apartment 3A, Lowland, CA 92273. Her W-2 shows the following: Wages $ 49,000 Federal withholding Social security wages Social security withholding 5,200 49,000 3,038 711 2,265 Medicare withholding State withholding Other income: 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 $ 2,265 State income tax paid with the 2020 return 350 Real estate tax 3,450 Mortgage interest 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.
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 $ 53,000 3,300 Laptop computer purchased 4/23/21 (§ 179 elected) Travel: 2,500 miles for business, 13,000 personal Supplies 500 Cell phone charge 960 Cassandra (SSN 412-34-5670) resides at 1400 Medical Street, Apartment 3A, Lowland, CA 92273. Her W-2 shows the following: Wages $ 49,000 Federal withholding Social security wages Social security withholding 5,200 49,000 3,038 711 2,265 Medicare withholding State withholding Other income: 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 $ 2,265 State income tax paid with the 2020 return 350 Real estate tax 3,450 Mortgage interest 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.
Chapter7: Deductions And Losses: Certain Business Expenses And Losses
Section: Chapter Questions
Problem 42CP
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Transcribed Image Text: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
$ 53,000
Laptop computer purchased 4/23/21 (§ 179 elected)
3,300
Travel: 2,500 miles for business, 13,000 personal
Supplies
500
Cell phone charge
960
Cassandra (SSN 412-34-5670) resides at 1400 Medical Street, Apartment 3A, Lowland, CA 92273.
Her W-2 shows the following:
Wages
$ 49,000
Federal withholding
5,200
Social security wages
49,000
3,038
Social security withholding
Medicare withholding
711
2,265
State withholding
Other income:
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
$ 2,265
State income tax paid with the 2020 return
350
Real estate tax
3,450
Mortgage interest
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.
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