Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Fees earned from her part-time tax practice in 2022 totaled $3,800. She paid $600 to have the tax returns processed by a computerized tax return
Fees earned from her part-time tax practice in 2022 totaled $3,800. She paid $600 to have the tax returns processed by a computerized tax return service. On February 1, 2022, Barbara bought 500 shares of Gray Corporation common stock for $17.60 a share. On July 16,2022 , Barbara sold the stock for $14 a share. Barbara bought a used sports utility vehicle for $6,000 on June 5,2022 . She purchased the vehicle from her brother-in-law, who was unemployed and was in need of cash. On November, 2, 2022, she sold the vehicle to a friend for 6,500 . On January 2, 2022, Barbara acquired 100 shares of White Corporation common stock for $30 a share. She sold the stock on December 19,2022 for $55 a share. During 2022, Barbara received royalties of $16,000 on a software program she had written. Barbara incurred the following expenditures in connection with her software-writing activities: Barbara elected to expense the maximum portion of the cost of the computer, printer, and furniture allowed under the provision2s of Section 179. The equipment and furniture were placed in service on January 15, 2022. Although her employer suggested that Barbara attend a convention on current developments in corporate taxation, Barbara was not reimbursed for the travel expenses of $1,420 which she incurred in attending the convention. The $1,420 included $200 for the cost of meals. During 2022, Barbara paid $300 for prescription medicine and $2,875 in doctor bills, hospital bills, and medical insurance premiums. Barbara paid real property taxes of $1,766 on her home. Interest on her home mortgage was $3,845, and interest to credit card companies was $320. Barbara contributed $30 each week to her church and $10 each week to the United Way. Professional dues and subscriptions totaled $350. Barbara maintained her sales tax receipts. The total is $1,954. Barbara paid estimated taxes of $1,000. Additionally, please write your answers to the above five (5) questions in the appropriate space provided above. You may use any research material that you deem necessary; HOWEVER, YOU MUST WORK INDEPENDENTLY
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started