Assignment Print View 10/28/19, 9:36 AM
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1.
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 2018:
| Gross receipts Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2018 Van (over 6,000 lbs) placed in service 1/01/18, cost 27,000 Postage | $203,000 |
| (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 Computer 1 Computer 2 Printer Copier Furniture | Date Purchased 5/18/18 6/01/18 3/01/17 3/02/17 3/01/17 | Cost $ 2,200 2,700 900 2,100 6,000 |
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)
(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 whole dollar.)
rev: 03_28_2019_QC_CS-164354, 04_10_2019_QC_CS-165695
!! Schedule C Schedule SE “”
Schedule C page 1 and Schedule SE page 2 for a single taxpayer with no dependents.
Qualified Business Income deduction (QBI)
| Schedule C | QBI | Schedule SE | Form 4562 P1 | Form 4562 P2 |
| The Qualified Businees Income deduction (QBI) is |
Assignment Print View 10/28/19, 9:36 AM
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