Janice Morgan age 32 is single and has no dependents. She is a freelance writ

    0

    Janice Morgan age 32 is single and has no dependents. She is a freelance
    writer. In January 2011 Janice opened her own office located at 2751 Waldham Road Pleasantville CA 90029. She called her business Writers Anonymous. Janice
    is a cash basis taxpayer. She lives at 132 Stone Avenue Pleasantville CA 90029. Her Social Security number is 123-45-6789. Janice desires to contribute to
    the Presidential Election Campaign Fund.Income from sale of articles $105000Rent 16500Utilities 7900Supplies 1800Insurance 5000Travel (including meals of $1200) 3500Janice purchased and placed in service the following fixed assets for her business$ Furniture and fixtures (new) costing $17000 on January 10 2011$ Computer equipment (new) costing $40000 on July 28 2011.Janice did not elect immediate expensing under S 179. She elected not to take additional first year
    depreciation.Janice=s itemized deductions are as follows:State income tax $3000Home mortgage interest paid to First Bank 6000Property taxes on home 1500Charitable contributions 1200
    Janice did not keep a record of the sales tax she paid. The amount from the sales tax table is $437.Janice has interest income of $5000 on certificates of deposit at Second Bank. Janice makes estimated tax payments
    of $17000 for 2011.Compute Janice Morgan=s 2011 Federal income tax payable (or refund due)

                                                                                                                                      Order Now