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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