Question
I am unable to attach the 2013 1040. I'm having an uploading image issue. I need help filling out the 2013 1040 Jane Smith, age
I am unable to attach the 2013 1040. I'm having an uploading image issue.
I need help filling out the 2013 1040
Jane Smith, age 40, is single and has no dependents. She is employed as a legal secretary by Law Partners, PLLC. She owns and operates a small business called Typing Services located near the campus of Florida Atlantic University at 1986 Campus Drive. Jane as the sole-proprietor is a material participant in the business. She is a cash basis taxpayer.
Jane lives at 2020 Oakcrest Road, Boca Raton, FL 33431. Janes Social Security number is 123 45 6789. Jane indicates that she wants to designate $ 3 to the Presidential Election Campaign Fund.
During 2013, Jane had the following income and expense items:
a. $ 100,000 salary from Law Partners, PLLC.
b. $ 20,000 gross receipts from her typing services business.
c. $ 700 savings account 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).
j. Legal Services, Inc., withheld Federal income tax of $ 18,000 and FICA tax of $ 5,448 { Social Security tax of $ 4,050 [($ 101,000 - $ 4,580) 4.2%] + Medicare tax of $ 1,398 [($ 101,000 - $ 4,580) 1.45%]}.
k. Alimony of $ 10,000 received from her former husband, Ted Smith.
l. Interest income of $ 800 on City of Boca Raton bonds.
n. Jane made estimated Federal tax payments of $ 1,000.
o. Sales taxes from the sales tax table of $ 964.
p. Charitable contributions of $ 2,500.
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