Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Janice Morgan, age 32, is single and one daughter age 7; Joy Morgan (Social Security number 917-111001) who resides with her. She is a freelance
Janice Morgan, age 32, is single and one daughter age 7; Joy Morgan (Social Security number 917-111001) who resides with her. 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 taxpayer. She lives at 132 Stone Avenue, Pleasant Hill, NM 88135 . Her Social Security number is 123-45-6789. She is also the sole provider of her mother (Alice Taker, Social Security number 101-11-1723), who lives in a nursing home due to her health condition; medical expenses for her mother paid by Janice totaled $30,000. Janice wants to contribute to the Presidential Election Campaign Fund. nurina onor lanira had tha fallowina inronma and avnanca itame ronnostad with har business: Janice purchased and placed in service the following fixed assets for her business: - Furniture and fixtures (new) costing \$17,000 on January 10, 2022. - Computer equipment (new) costing \$40,000 on July 28, 2022. Janice elected immediate expensing under 179. Janice did not keep a record of the sales tax she paid. The amount from the sales tax table is $437. Janice has interest income of $20,000 on certificates of deposit at Second Bank. Janice makes estimated tax payments of $3,000 for 2022. Compute Janice Morgan's 2022 Federal income tax payable (or refund due) use Form 1040 with required schedules. Janice Morgan, age 32, is single and one daughter age 7; Joy Morgan (Social Security number 917-111001) who resides with her. 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 taxpayer. She lives at 132 Stone Avenue, Pleasant Hill, NM 88135 . Her Social Security number is 123-45-6789. She is also the sole provider of her mother (Alice Taker, Social Security number 101-11-1723), who lives in a nursing home due to her health condition; medical expenses for her mother paid by Janice totaled $30,000. Janice wants to contribute to the Presidential Election Campaign Fund. nurina onor lanira had tha fallowina inronma and avnanca itame ronnostad with har business: Janice purchased and placed in service the following fixed assets for her business: - Furniture and fixtures (new) costing \$17,000 on January 10, 2022. - Computer equipment (new) costing \$40,000 on July 28, 2022. Janice elected immediate expensing under 179. Janice did not keep a record of the sales tax she paid. The amount from the sales tax table is $437. Janice has interest income of $20,000 on certificates of deposit at Second Bank. Janice makes estimated tax payments of $3,000 for 2022. Compute Janice Morgan's 2022 Federal income tax payable (or refund due) use Form 1040 with required schedules
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