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 2020 Oakcrest 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. During 2015, Jane had the following income and expense items:

a. $100,000 salary from Legal Services, Inc.

b. $20,000 gross receipts from her typing services business.

c. $700 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. $15,000 fair market value of silverware stolen from her home by a burglar on October 12, 2015. Jane had paid $14,000 for the silverware on July 1, 2006. She was reimbursed $1,500 by her insurance company.

k. Jane had loaned $2,100 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 tax from her wages.

m. Alimony of $10,000 received from her former husband, Ted Smith.

n. Interest income of $800 on City of Boca Raton bonds.

o. Jane made estimated Federal tax payments of $1,000.

p. Sales taxes from the sales tax table of $964.

q. Property taxes on her residense of $1,100

r. Charitable contributions of $2,500.

s. In Nov, 2014, Jane was involved in an car accident. At the time of the accident, Jane's car had an FMV of $45,000. After the accident, the car FMV was $38,000. Jane's basis in the car was $52,000. Jane's car was covered by insurance, but because the policy had a $5,000 deduction clause, Jane's decided not to file a claim for the damage.

Required: Tax Computation Compute Jane Smith's 2015 Federal income tax payable (or refund due). Use forms: 1040 and 4684 and Schedules A, C, and D.