Skip to main content

Complete Chris’ federal tax return for 2019

Christopher Crosphit (birthdate April 28, 1977) owns and operates a health club called “Catawba Fitness.” The business is located at 4321 New Cut Road, Spartanburg, SC 29303. The principal business code is 812190 and the EIN is 12-3456789. Chris had the following income and expenses from the health club:
Income$216,000Expenses:  Business insurance3,600 Office supplies3,300 Payroll98,900 Payroll taxes9,112 Travel2,420 Equipment & club maintenance10,720 Cleaning service8,775 Equipment rent22,820 Utilities (electric, water, gas) 13,975 Telephone2,778 Rent32,600 Advertising5,200 Special workout clothing and boxing gloves780 Subscription to Biceps Monthly magazine120 Educational seminar on weight training770 Other expenses1,830 The business uses the cash method of accounting and has no accounts receivable or inventory held for resale.
Chris has the following interest income for the year:
Upper Piedmont Savings Bank savings account$13,000Morgan Bank bond portfolio interest 12,075 Chris also dabbles as a broker of antique and rare books. He acquires and scavenges for books and then sells them on the Internet. He generated $4,000 of sales in 2019 and the books he sold cost $3,500. He also incurred $7,600 in travel and other expenses related to this activity. Chris has never turned a profit in the book business, but he loves books and book selling and does not mind losing money doing it.
Chris has been a widower for 10 years with a dependent son, Arnold (Social Security number 276-23-3954), and he files his tax return as head of household. Arnold (birthdate July 1, 2001) is a high school student; he does not qualify for the child tax credit but does qualify for the $500 other dependent credit. They live next door to the health club at 4323 New Cut Road. Chris does all the administrative work for the health club out of an office in his home. The room is 171 square feet and the house has a total of 1,800 square feet. Chris pays $20,000 per year in rent and $4,000 in utilities.
Chris’ Social Security number is 565-12-6789. He made an estimated tax payment to the IRS of $500 on April 15, 2019.
Required: Complete Chris’ federal tax return for 2019 on Form 1040, Schedule 1, Schedule 3, Schedule B, Schedule C, and Form 8829. Do not complete Form 4562 (depreciation).

Comments

Post a Comment

Popular posts from this blog

Are there modifiable factors, such as health behaviors that lend themselves to better prevention efforts?

 Identify a current health issue of interest to you e.g diabetes, HIV/AIDS, heart disease etc. On the basis of current epidemiologic evidence, explain the factors that have contributed to the following: the observed trend in mortality rates for this disease, the changes in survival; the changes in incidence. A key concept in epidemiology is that of the levels of prevention.  As a community health nurse, describe primary, secondary, and tertiary prevention interventions related to this health issue.  Are there modifiable factors, such as health behaviors that lend themselves to better prevention efforts?  whatsapp +1(815) 406 9011
Post a Comment
Read more

Imagine you are a member of a newly developed diversity team in your workplace Reflection

 Imagine you are a member of a newly developed diversity team in your workplace. Your team is considering how individual identity contributes to cultural diversity. Your team leader has asked each member to take time to reflect on the personal identity and the aspects of cultural diversity you represent and how understanding your own traits affect your perspective of cultural diversity. Keep in mind that identity is more than what people “see” when they look at you. Write a 525- to 700-word reflection, completing the following: Using what you learned in the reading assignments for Weeks 1 and 2, describe what cultural diversity means to you. Include identifiers of cultural diversity such as race, ethnicity, class, gender, sexual orientation, language, age, disability, religion, and so on. (Remember, there is a variety of characteristics of and contributors to cultural diversity.) List 4 cultural identifiers that you identify with most (e.g., Asian American, female, and so on). Refl...
Post a Comment
Read more

(CLINICIANS-END USERS; PATIENTS AND VENDORS)

Before any health information system can be successfully implemented, there must be a team of experts who understand the vision and mission of both the health care organization and its stakeholders. Strategic health care leaders are positioned to propose system upgrades and/or implementations that can withstand inevitable organizational changes. Health information systems’ leaders understand that data is the overall management of the availability, usability, integrity and security of the data. Choose at least three health information systems’ leaders and/or stakeholders, and define their role in the implementation of health information systems (CLINICIANS-END USERS; PATIENTS AND VENDORS). All the following items must be addressed in your paper: • Compare and contrast the limitations and opportunities in enterprise-wide data. Defend your technology infrastructure’s ability to support organizational leadership and end-user needs. • Explain the economic impact of your proposed system acqu...
Post a Comment
Read more