Chapter 8 - Cumulative Problem #57 – Janice Morgan
Question # 00394967
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Updated on: 09/25/2016 03:23 PM Due on: 09/25/2016
Chapter 8 - Cumulative Problem #57 – Janice Morgan
Requirements:
- You are required to prepare all necessary 2015 forms and schedules using the PDF forms provided at the IRS website. DO NOT USE TAX SOFTWARE
- Show detailed calculations for partial credit and receipt of useful feedback.
- Attach your tax return as a PDF file
- Attach your calculations as a Word or Excel file
During 2015, Janice reported the following income and expense items connected with her business.
Income from sale of articles $85,000
Rent 16,500
Utilities 7,900
Supplies 1,800
Insurance 5,000
Travel (including meals of $1,200) 3,500
Janice purchased and placed in service the following fixed assets for her business.
Janice wants to elect immediate expensing under § 179.
• Furniture and fixtures (new) costing $21,000 on Janu ary 10.
• Computer equipment (new) costing $12,400 on July 28.
Janice’s itemized deductions include:
State income tax $3,000
Home mortgage interest paid to First Bank 6,000
Property taxes on home 1,500
Charitable contributions 1,200
Janice did not keep a record of the sales tax she paid. The pertinent amount from the sales tax table is $437.
Janice reports interest income of $4,000 on certificates of deposit at Second Bank. Janice makes estimated tax payments of $3,000 for 2015.
Compute Janice Morgan’s 2015 Federal income tax payable (or refund due). If you use tax forms for your computations, you will need Forms 1040 and 4562 and Schedules A, B, and C. Suggested software: H&R BLOCK Tax Software.
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