All listed forms could possibly be used used Form 1040 Schedule 1 &2 Schedule B,C & SE Form 8995 Form 4562 and 2020 tax rate schedule.

MI a Instructions Form 1040 Schedule 1 Schedule 2 Schedule A Schedule B Instructions Note: This problem is for the 2020 tax year. Janice Morgan, age 24, Is single and has no dependents. She is a freelance writer. In January 2020, Janice opened her own office located at 2751 Waldham Road, Pleasant Hill, NM 88135. She called her business Writers Anonymous, Janice is a cash basis taxpayer. She lives at 132 Stone Avenue, Pleasant H, NM 88135. Her Social Security number is 123-45-6782. Janice's parents continue to provide health insurance for her under their policy, Janice did not engage in any virtual currency transactions during the year and wants to contribute to the Presidential Election Campaign Fund. Janice received the appropriate coronavirus recovery rebates (economic impact payments); related questions in ProConnect Tax should be ignored During 2020, Janice reported the following income and expense items connected with her business. Income from sale of articles $95,000 Rent 16,500 7,900 Supplies 1,800 Insurance 5,000 Travel (Including meals of $1,200) 3,500 Utilities Janice purchased and placed in service the following fixed assets for her business. Janice wants to elect Immediate expensing under 5 179, it possible Furniture and fixtures (new) costing $21,000 on January 10 Computer equipment (new) costing $12,400 on July 28 Janice's itemized deductions include: State income tax $2,950 Home mortgage interest paid to First National Bank 3,000 Property taxes on home 2,500 Charitable contribution to her alma mater, State College 1,200 Janice did not keep a record of the sales tax she paid. The amount allowed by the sales tax table is $437 Janice reports interest Income of $4,000 on certificates of deposit at Second National Bank. She made estimated tax payments of $5,000 for 2020 Required: Compute Janice Morgan's 2020 Federal income tax payable (or refund due) Make realistic assumptions about any missing data, If an amount box does not require an entry or the answer is zero, enter "o". Enter all amounts as positive numbers. The taxpayer wants $3 to go to the to Presidential Election Campaign. It may be necessary to complete the other tax forms and schedules before completing Form 1040. Use the tax schedules (not the tax tables) included with this problem to compute the tax. If required, round your final answers to the nearest dollar. > 2020 Tax Rate Schedules Use the 2020 Tax Rate Schedules to compute the tax. (Note: Because the tax rate schedules are used Instead of the tax tables, the amount of tax computed may vary slightly from the amount listed in the tables.) 2020 Tax Rate Schedules Single-Schedule Head of household-Schedule z II taxable If taxable of the Income income is: of the But not amount Is: But not amount Over- over- The tax is: over Over- over- The tax is: over- $0 $9,875 ...... 10% $0 $ $0 ++... 10% $0 14,100 9,875 40,125 $ 987.50 + 12% 9,875 14,100 53,700 $1,410.00 + 12% 14,100 40,125 85,525 4,617.50 + 22% 40,125 53,700 85,500 6,162.00 + 22% 53,700 85,525 163,300 14,605.50 + 24% 85,525 85,500 163,300 13,158.00 + 24% 85,500 163,300 207,350 33,271.50 + 32% 163,300 163,300 207,350 31,830.00 + 32% 163,300 207,350 518,400 47,367.50 + 35% 207,350 207,350 518,400 45,926.00 + 35% 207,350 518,400 156,235.00 + 37% 518,400 518,400 154,793.50 +37% 518,400 Married filing jointly or Qualifying widow(er)- Schedule Y-1 Married filing separately-Schedule Y-2 If taxable If taxable of the Income of the income is: But not amount is: But not amount Over- over The tax is: over Over- Over- The tax is: Over $0 $ 19,750 ...... 10% $0 $0 $9,875 ...... 10% $0 19,750 80,250 $ 1,975.00 + 12% 19,750 9,875 40,125 $ 987.50 + 12% 9,875 80,250 171,050 9,235.00 + 22% 80,250 40,125 85,525 4,617.50 + 22% 40,125 171,050 326,600 29,211.00 + 24% 171,050 85,525 163,300 14,605.50 + 24% 85,525 326,600 414,700 66,543.00 + 32% 326,600 163,300 207,350 33,271.50 + 32% 163,300 414,700 622,050 94,735.00 + 35% 414,700 207,350 311,025 47,367.50 + 35% 207,350 622,050 167,307.50 + 37% 622,050 311,025 83,653.75 +37% 311,025