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Attached the questions I need help on! Income tax homework. Dan and Jane are married and have 2 children, Andrea (18) and Frank (12). Andrea

Attached the questions I need help on! Income tax homework.

image text in transcribed Dan and Jane are married and have 2 children, Andrea (18) and Frank (12). Andrea qualifies as a dependent and has no income for the year. Dan works for the post office and earns $52,000 this year. He has $6,000 withheld from his paycheck. Jane was a housewife up until the current year, when she started selling Avon from her house to help make ends meet. They also have a rental unit they purchased 1/1/05 for $130,000. They have interest income of $75, and also had the following security transactions for the current year: Date Bought 6/1/15 7/8/03 1/1/15 3/15/06 5/8/03 12/31/07 Date Sold 12/1/15 9/18/15 6/5/15 8/1/15 6/15/15 12/31/15 Basis 5,000 3,000 8,000 6,000 10,000 6,000 Sold For 2,000 4,000 6,000 3,000 5,000 9,000 Dan and Jane bought a 3,000 square foot house on 12/1/12. Jane has a 50 square foot office that she uses exclusively for her Avon company, including holding parties where her customers can come and try the products before purchasing them. Her expenses in connection with the office were as follows: Supplies Phone (own line) Utilities (whole house) Insurance (whole house) Interest & Property Taxes $3,000 200 4,000 700 6,000 Jane also had the following expenses in conjunction with the business: Miles Driven Entertainment Meals Income Quarterly Payments 3,268 600 1,000 21,000 250 The following relates to the rental property: Income Utilities Water Insurance Taxes 10,000 1,200 700 600 2,000 They also had the following expenditures: Fed Income Taxes Paid Medical Expenses State Income Taxes W/H Taxes on House Interest on House Charitable Contributions 2,000 13,000 1,800 4,000 2,000 500 A) Compute Business Income and Tax for Jane (10) B) Compute Income for Rental Property (10) C) Figure Capital Gains/Losses and any carryforward if necessary (10) D) Find AGI (10) E) What is the Amount of Itemized Deductions? (15) F) What is the Total Amount of FROM AGI Deductions? (5) G) Compute Tax Liability and Net Tax Due or Refund (Don't Forget Credits)

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