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Business, 19.10.2021 01:00 tabathahasaunicorn1

Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. In 2021, Betty had the following income and expenses. You may assume that Betty will owe $2,502 in self-employment tax on her salon income, with $1,251 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016. Interest income $ 11,255, Salon sales and revenue 86,360, Salaries paid to beauticians 45,250, Beauty salon supplies 23,400, Alimony paid to her ex-husband, Rocky 6,000, Rental revenue from apartment building 31,220, Depreciation on apartment building 12,900, Real estate taxes paid on apartment building 11,100, Real estate taxes paid on personal residence 6,241, Contributions to charity 4,237. Determine Betty’s AGI and Schedule 1 of Form 1040 for Betty.

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