Document1 Word ACROBAT oCoD AaBbcoDo AaBbco AaBbood AaBl AaBboo Subtitle subtle Em. Emphasis Intense E. Strong Quote Inte ormal 1 No Spac... Heading 1 Heading 2 Title Jane Smith, age 40, is single and has no dependents. She is employed as a legal secretary by Legal Services, Inc. She owns and operates Typing Services located near the campus of Florida Atlantic University at 1986 Campus Drive. Jane is a material participant in the business. She is a cash basis taxpayer. Jane lives at 2020Qakcrest Road, Boca Raton, FL 33431. Jane's Social Security number is 123- 45-6789. Jane indicates that she wants to designate $3 to the Presidential Election Campaign Fund. Jane had health insurance for all months of 2015. During 2015, Jane had the following income and expense items: Key Check Figures: AGI $105,120, itemized deductions $20,834; taxable income $80,286 Figures used to make sure you are correct a. $100,000 salary from Legal Services, Inc. b. $20,000 gross receipts from her typing services business. c. $7oo interest income from Acme National Bank. d. $1,000 Christmas bonus from Legal Services, Inc. e. $60,000 life insurance proceeds on the death of her sister. f, $5,000 check given to her by her wealthy aunt g. $100 won in a bingo game h. Expenses connected with the typing service: Office rent $7,000 Supplies 4,400 Utilities and telephone 4,680 wages to part-time typists 5,000 payroll taxes 500 Equipment rentals 3,000 i. $9,500 interest expense on a home mortgage (paid to San Jose savings and Loan) $15,000 fair market value of silverware stolen from her home by a burglar on october 12, 2015. Jane had paid $14,ooo for the silverware on July 1, 20o6. She was reimbursed $1,500 by her insurance Company k. Jane had loaned $2,10o to a friend, Joan Jensen, on June 3, 2012. Joan declared bankruptcy on August 14, 2015, and was unable to repay the loan. Assume that the loan is a bona fide debt. l. Legal services, Inc., withheld Federal income tax of $16,000 and the appropriate amount of FICA ta from her wages. m, mony of $10,000 received from her former husband, Ted Smith