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ACC 311 In-Class Assignment #8 Chapter 4: Comprehensive Calculation of Taxable Income and Tax Due Janet, age 38, single and divorced, has asked you
ACC 311 In-Class Assignment #8 Chapter 4: Comprehensive Calculation of Taxable Income and Tax Due Janet, age 38, single and divorced, has asked you to prepare her 2022 tax return. She has one daughter, Nancy, age 16, who is a high school student, and one son, Will, age 22, who is a full-time student at CMU. Janet supports both Marie and Jim, and they both live with her. Janet is employed as an general manager of a local restaurant. She also operates taco truck, Spicy Autobus, as a sole proprietor. Janet reported (received) the following items during the current year: Salary-Janet Gift received by Janet from her grandmother Long-term capital gain from sale of stock Interest income on corporate bonds Interest income on State of Michigan bonds Interest income on City of London, Ontario bonds Qualified ordinary dividend income Gross business income from Spicy Autobus Janet incurred and paid the following expenses during the current year: $ 155,000 20,000 9,000 P 1,300 5,000 2,500 13,000 P 85,000 Business expenses of Spicy Autobus $51,200 Real estate taxes paid on her personal home 4,200 Country club membership 6,000 Charitable contributions 7,000 Interest expense paid on home mortgage on her personal home 11,000 Federal income taxes withheld from Janet's salary 27,000 Federal estimated income taxes paid during the year 4,000 Michigan income taxes withheld from Janet's salary 5,800 Required: Calculate Janet's 2022 (1) income tax liability; (2) net tax liability; (3) tax due (refund); and (4) FICA tax. 2022 income tax liability is. 2022 net tax liability is, 2022 tax due (refund) is. 2022 FICA tax is
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