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Determine bettys annual gross income

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Reference no: EM13905865

Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. This year Betty had the following income and expenses. Determine Betty's AGI and complete page 1 of Form 1040 for Betty. You may assume that Betty will owe $2,502 in self-employment tax on her salon income.

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

Reference no: EM13905865

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