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Shelly Beaman (social security number 412-34-5670) is single and resides at 540 Front Street, Ashland, NC 27898.
Shelly Beaman (social security number 412-34-5670) is single and resides at 540 Front Street, Ashland, NC 27898.
Shelly's W-2 wages$55,800Federal withholding10,044Social security wages55,800Social security withholding3,460Medicare withholding809State withholding3,3481099-INT New Bank5321099-DIV XYZ, Inc.Ordinary dividends258Qualified dividends258
Shelly had the following itemized deductions:
State income tax withholding (from W-2)$3,348State income tax paid with 2015 return600Real estate tax4,200Mortgage interest11,800Charitable contributions2,500
Shelly also started her own home design consulting business in March 2016 (Business code, 238990, Cash basis). The results of her business operations for 2016 follow:
Gross receipts from clients$154,000Vehicle mileage21,000 business miles (2,100 per month)32,000 total miles during the year2009 Chevy SuburbanPlaced in service 03/01/16Postage(750)Office supplies(1,500)State license fees(155)Supplies(5,300)Professional fees(2,500)Design software(1,000)Professional education programs (registration)(550)Travel to education programAirplane(350)Lodging $119/night × 3 nightsMeals per diem $46 per day x 3 daysBusiness AssetsDate PurchasedCostLaptop6/08/16$2,500Computer3/05/165,700Printer3/01/161,800Copier6/02/161,700Furniture4/01/165,000Building3/01/16175,000Phone(600)Internet service(450)Rent(8,300)Insurance(1,700)
Shelly made a $27,000 estimated tax payment on September 15, 2016.
Prepare Shelly's Form 1040 for 2016 including all of the supplementary schedules. Schedule A, Schedule B, Schedule C, Form 4562, and Schedule SE are required. Section 179 is elected on all eligible assets in 2016. She wants to contribute to the presidential election campaign and does not want anyone to be a third-party designee. Shelly had qualifying health care coverage at all times during the tax year. For any missing information, make reasonable assumptions. (List the names of the taxpayers and any income they receive in the order in which they appear in the problem. Input all the values as positive numbers unless otherwise stated in the forms. Round your intermediate computations to nearest whole dollar value.)
