Joe and Jessie are married and have one dependent child, Lizzle. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm while Jessie runs a craft business from their home. Jessie's craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business, and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220,000) and a personal loan to pay for Lizzle's college expenses (balance of $35,000). Nelther Joe nor Jessie is blind or over age 65, and they plan to file as married joint. Assume that the employer portion of the self-employment tax on Jessie's income is $844. Joe and Jessie have summarized the income and expenses they expect to report this year as follows: Tocon Joe's salary $ 130,400 Jessie's craft sales 1,530 Interest from certificate of deposit 1.780 Interest from Treasury bond tunde 742 Interest from municipal bond funds 966 Expenditures Tederal income tax withheld from Josvages W $ 19.900 state income tax withheld from Joelwagen 6,640 Social Security tax withheld from Joel wages 7.534 Real estate tax on condence Automobile lenses (based on vaihe 336 state sales tax paid 1,20 to mortgage Interest 17.300 Interest on Masterdebt credit card Medical stureinbased) 1.030 oployes expected 2.560 Coat of arte crat supplies 5.60 tage for late 158 Travel and loding for start whe Seltemployment tax on Jatt Income 1.680 College tuin paid to Live $.040 to loans to DRY Lite tuition 3,460 I'm and boat college Cash on the red cros 2.350 12. 530 ! - 5. 4 5 6 7 B w W E R . Y U o O P S D F G . J K L V X V B N NO 5 4 B 2 3 8 O W E R T Y U C O L S D F G H J K L *** Z C V B B N M V. 98 command Command Joe and Jessie are married and have one dependent child, Lizzle. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm while Jessie runs a craft business from their home. Jessie's craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business, and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220,000) and a personal loan to pay for Lizzle's college expenses (balance of $35,000). Nelther Joe nor Jessie is blind or over age 65, and they plan to file as married joint. Assume that the employer portion of the self-employment tax on Jessie's income is $844. Joe and Jessie have summarized the income and expenses they expect to report this year as follows: Tocon Joe's salary $ 130,400 Jessie's craft sales 1,530 Interest from certificate of deposit 1.780 Interest from Treasury bond tunde 742 Interest from municipal bond funds 966 Expenditures Tederal income tax withheld from Josvages W $ 19.900 state income tax withheld from Joelwagen 6,640 Social Security tax withheld from Joel wages 7.534 Real estate tax on condence Automobile lenses (based on vaihe 336 state sales tax paid 1,20 to mortgage Interest 17.300 Interest on Masterdebt credit card Medical stureinbased) 1.030 oployes expected 2.560 Coat of arte crat supplies 5.60 tage for late 158 Travel and loding for start whe Seltemployment tax on Jatt Income 1.680 College tuin paid to Live $.040 to loans to DRY Lite tuition 3,460 I'm and boat college Cash on the red cros 2.350 12. 530 ! - 5. 4 5 6 7 B w W E R . Y U o O P S D F G . J K L V X V B N NO 5 4 B 2 3 8 O W E R T Y U C O L S D F G H J K L *** Z C V B B N M V. 98 command Command
