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i need help with this Note: This problem is for the 2022 tax year. Janice Morgan, age 24, is single and has no dependents. She
i need help with this
Note: This problem is for the 2022 tax year. Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In January 2022, 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 taxpayor. She lives at 132 Stone Avenue, Pleasant Hall, 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. During 2022, Janice reported the following income and expense items connected with her business. Janice purchased and placed in service the following fixed assets for her business. Janice wants to elect immediate expensing under $3.179, if 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: sente income thx $2.950 Travel (including restaurant meals of $600 ) 2,900 lanice purchased and placed in service the following foxed assets for her business. Janice wants to elect immediate expensing under 5 . 79 , If possible. - Furniture and fixtures (new) costing $21,000 on Jarnuary 10. - Computer equipment (new) costing $12,400 on July 28. 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 2022 . Required: Compute Janice Morgan's 2022 Federal income tox 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 " 0 ". - Enter all amounts as positive numbers. - The Laxpayer 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 Step by Step Solution
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