How fill IRS Form 1120 Corporations with this info: (it's a fake company) For learning purposes only Fill the tax form using the provided info. The OMS Staff Solutions II company is a for-profit company registered as a corporation, with employer social security number 26-3029054, incorporated on January 2, 1994. The address of this company is 960 Amick Loop, Lakeland, Fl 33815. According to the company's books, there were the following items both at the beginning of the taxable year and at the end. No beginning balance Balance at the end of the year Dec. 31 2021 Sales $5,500,000 Salaries, commissions and bonuses to employees 900,000 Federal Social Security 620,000 Medical insurance 20,000 Insurance 30,000 Rent 24,000 Movable property tax 5,000 Inmovable property tax 2,000 Professional services 50,000 Contributions to pension plans or other plans 80,000 Marketing expenses 100,000 Other data: The company did a charity to a recognized non-profit entity for $5,000. In addition, an estimated $70,000 in contributions were paid during the year. The corporation, classified as a medium-sized company, obtained a $100,000 loan and bought a store for $80,000 on January 12 of the taxable year in which the return is filed. The store was sold for $110,000 on June 30 of the same year and had a sales expense of $5,000
How fill IRS Form 1120 Corporations with this info: (it's a fake company) For learning purposes only
Fill the tax form using the provided info.
The OMS Staff Solutions II company is a for-profit company registered as a corporation, with employer social security number 26-3029054, incorporated on January 2, 1994. The address of this company is 960 Amick Loop, Lakeland, Fl 33815. According to the company's books, there were the following items both at the beginning of the taxable year and at the end.
No beginning balance Balance at the end of the year Dec. 31 2021
Sales $5,500,000
Salaries, commissions and bonuses to employees 900,000
Federal Social Security 620,000
Medical insurance 20,000
Insurance 30,000
Rent 24,000
Movable property tax 5,000
Inmovable property tax 2,000
Professional services 50,000
Contributions to pension plans or other plans 80,000
Marketing expenses 100,000
Other data:
The company did a charity to a recognized non-profit entity for $5,000. In addition, an estimated $70,000 in contributions were paid during the year. The corporation, classified as a medium-sized company, obtained a $100,000 loan and bought a store for $80,000 on January 12 of the taxable year in which the return is filed. The store was sold for $110,000 on June 30 of the same year and had a sales expense of $5,000
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