Bieber Cash Method of Accounting Assignment

Bieber Cash Method of Accounting Assignment

Bieber is a self-employed electrician. Her business, Bieber Electrical, is located at 340 Cowboy Dr. Stillwater, OK. 74078. Cardin’s Social Security number is 123-45-6789 and she uses the cash method of accounting. Her Employer Identification Number (EIN) is 112-233-4455. She has one employee that goes to all of the electrical jobs with her. For the current year she has the following revenue and expenses: Revenue $185,890 Gross salary expense 46,000 Social Security/Medicare taxes (Employer portion) 3,519 Employee withholding: Social Security/ Medicare taxes 3,519 Federal tax withholding 6,200 State tax withholding 1,640 Other employer payroll taxes 875 Advertising 2,200 Utilities 930 Phone 970 Postage 120 Accounting fees 1,100 Legal fees 625 Insurance 3,000 Rent paid 12,000 Country Club dues 500 Cardin uses her truck for both business and personal purposes.

The truck cost $44,700. She drives the truck 15,000 miles for business and drives it a total of 7,500 miles during the year for personal purposes and commuting. Her husband uses another vehicle. The total expenses for the automobile are: repairs and maintenance, $360, insurance, $2,000 (due to several speeding tickets), gasoline $2,455, interest on car loan, $1,234, and depreciation, $2,300. Cardin took an electrical job in Tyler, Texas that lasted 2 weeks. She incurred hotel costs of $1,100 and food of $700 during that trip. Instructions: Complete Schedule C (Profit or Loss from Business) and Schedule SE (Self-Employment Tax) using the above information.

You also need to include a TYPED (Excel is fine) Schedule C attachment that includes a breakdown of any lines on the form where you have combined items to arrive at a number. Both auto expense methods should be calculated and shown on your attachment. Forms and instructions can be downloaded from the IRS web site: http://www.irs.gov/ (Links to an external site.) forms pub/index.html 0 0 5 WOW 0 SCHEDULEC Profit or Loss from Business OMB No. 1545-0074 (Form 1040 or 1040-SR) (Sole Proprietorship) 2019 Depart32 If you have a loss, check the box that describes your investment in this activity (see instructions).

• If you checked 32aPart IV Information on Your Vehicle. Complete this part only if you are claiming car or truck expenses on line 9 and are not OMB No. 1545-0074 SCHEDULE SE (Form 1040 or 1040-SR) Self-Employment Tax 2019 Attachment Sequence No. 17 Department of the Tr2 Net profit or (loss) from Schedule C, line 31; and Schedule K-1 (Form 1065), box 14, code A (other than farming). Ministers Part 1 Self-Employment Tax Note: If your only income subject to self-employment tax is church employee income, see instructio14 5,440 1040 or 1040-SR), line 14, or Form 1040-NR, line 27 13 Part II Optional Methods to Figure Net Earnings (see instruct

 

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