60.1K

Verified Solution

Link Copied!

FILL OUT A SCHEDULE A FORM WITH THE FOLLOWING

Profit & Loss

January $1$ June $30,2024$

Ordinary Income$/$Expense Income

Sales

Assembled Systems $10,242\mathrm{.}00$

Merchandise $25,225\mathrm{.}00$

Service $12,100\mathrm{.}00$

Total Sales $47,567\mathrm{.}00$

Total Income $47,567\mathrm{.}00$

Purchases $20,162\mathrm{.}00$

Total COGS $20,162\mathrm{.}00$

Gross Profit $27,405\mathrm{.}00$

"Expense

Automobile Expense" $152\mathrm{.}00$

Marketing & Advertising $115\mathrm{.}00$

Merchant Fees $203\mathrm{.}00$

Office Expenses $132\mathrm{.}00$

Van loan $-$

Payroll Expenses Gross Wages $5,523\mathrm{.}00$

PR Tax Expense $422\mathrm{.}51$

Total Payroll Expenses $5,945\mathrm{.}51$

Professional Fees Accounting $2,300\mathrm{.}00$

Rent $4,680\mathrm{.}00$

Telephone $252\mathrm{.}00$

Utilities $632\mathrm{.}00$

Total Expense $14,411\mathrm{.}51$

Net Ordinary Income $12,993\mathrm{.}49$

Net Income $12,993\mathrm{.}49$

Ending Inventory estimated for $12/31/2024$ $$223,450$

aTotal Ordinary Dividends $430\mathrm{.}00$

$1$b Qualified Dividends $200\mathrm{.}00$

$2$a Total Capital Gain Distributions $($Includes $2$b$-2$d$)300\mathrm{.}00$

$2$b Capital Gains that represent Unrecaptured $1250$ Gain $0\mathrm{.}00$

$2$c Capital Gains that represent Section $1202$ Gain $0\mathrm{.}00$

$2$d Capital Gains that represent Collectibles $(28\%)$ Gain $0\mathrm{.}00$

$2$e Section $897$ Ordinary Dividends $0\mathrm{.}00$

$2$f Section $897$ Capital Gains $0\mathrm{.}00$

Nondividend Distributions $0\mathrm{.}00$

Nondividend Distributions $0\mathrm{.}00$

Federal Income Tax Withheld $0\mathrm{.}00$

Section $199$A Dividends $102\mathrm{.}00$

Investment Expenses $0\mathrm{.}00$

Foreign Tax Paid $0\mathrm{.}00$

Foreign Country or U$.$S$.$ Possession $0\mathrm{.}00$

Cash Liquidation Distributions $0\mathrm{.}00$

Noncash Liquidation Distributions $0\mathrm{.}00$

Exempt$-$Interest Dividends $0\mathrm{.}00$

Specified Private Activity Bond Interest Dividends. $0\mathrm{.}00$

State $0\mathrm{.}00$

State Identification No$.0\mathrm{.}00$

State Tax Withheld FATCA Filing Requirement $..................$

Form $1099-$MISC$*2022$ Miscellaneous Income

Copy B for Recipient $($OMB NO$.1545-0115)$

$2$ Royalties $0\mathrm{.}00$

$4$ Federal Income Tax Withheld $0\mathrm{.}00$

$8$ Substitute Payments in Lieu of Dividends or Interest $0\mathrm{.}00$

State Tax Withheld $0\mathrm{.}00$

State$/$ Payer$$s State No$.........................................$

State Income $0\mathrm{.}00$

Form $1099-$INT$*2022$ Interest Income

Copy B for Recipient $($OMB NO$.1545-0112)$Interest Income $112\mathrm{.}00$

Early Withdrawal Penalty $0\mathrm{.}00$

Interest on U$.$S$.$ Savings Bonds and Treas. Obligations $0\mathrm{.}00$

Federal Income Tax Withheld $0\mathrm{.}00$

Investment Expenses $0\mathrm{.}00$

Foreign Tax Paid $0\mathrm{.}00$

Foreign Country or U$.$S$.$ Possession $0\mathrm{.}00$

Tax$-$Exempt Interest $0\mathrm{.}00$

Specified Private Activity Bond Interest $0\mathrm{.}00$

$14$ Tax$-$Exempt Bond CUSIP No$.....................................$

Summary of $2022$ Proceeds From Broker and

Barter Exchange Transactions

Sales Price of Stocks, Bonds, etc. $10,750\mathrm{.}00$

Federal Income Tax Withheld $0\mathrm{.}00$

social security benefits is $$1,200$

Answer & Explanation Solved by verified expert

See Answer