Respuesta :
Answer:
Explanation:
prepare from 1040 to disclose Income and respective Tax Â
                                                 FORM 1040
                                                  Amount ($)
Salary Received                                  80,000
Business Income- Wn1) Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2,789
Total Income                                      82,789
Less - Itemized wise Deduction-Wn2 Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 21,405
Total Income                                       61,384
Standard deduction                               11,900
Total Taxable Income                               49,484
tax Â
From 0-$17400 Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 10% Â Â Â Â Â Â Â Â Â Â Â 1,740
From $17400-$70700 Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 15% Â Â Â Â Â Â Â Â Â Â Â 4,813
Total Tax Liability                                    6,553
                             Schedule A
                               wn2
Real Estate Tax                                     2,500
Interest on Mortgage                                  4,500
Gifts to Charity                                     3,500
Unreimbursed Job Expeses(FORM 2106) Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 10,905
Total Itemized wise Deduction                         21,405
                                   wn1
Income from rubbery toy boat                         15,000
Less cost Â
Cost of suppies                                         5000 Â
Business phone call                                     3500 Â
Cost of suppies                                         500 Â
Total                                            9000
Total Business Income                                 6,000
Less- FORM 8829 Expeses                             3211
Business Income- Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2,789
                               FORM 2106
Car expenses                        9990 Â
Travelling Expense                665 Â
Meal Expenses                                     5500
Total                             10655             5500
Less Reimbursement                                  5000
Total                             10655               500
Expenses Allowed                  10655              250
Total                                            10905
                                FORM 8829
25% is used for Business Â
Income from buisness                                  6000
Mortgage Interest' Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -1125
Reat estate tax                                      -625
Utility Bills                                          -500
Depreciation                                          -961
Total Business Income                                  2789
Calculate depreciation Â
Lesser of fair market value or adjusted cost             1,70,000
Less - value of Land                                -20,000
Total                                            1,50,000
Basis of building                                     37,500
rate of depreciation                                 2.56%
                                                       960