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Ken {bitthdate July 1, 1555} and Amy (birthdate July 4, 155?] Booth have brought you the following information regarding their income, expenses, and withholding for
Ken {bitthdate July 1, 1555} and Amy (birthdate July 4, 155?] Booth have brought you the following information regarding their income, expenses, and withholding for the year. They are unsure which of these items must be used to calculate taxable income. Income: Ken's salary (salesman) $23,345 Amy's wages (part-time nurse) 12,851] Insurance reimbursement for repairs from an auto accident 5m} Gift from Uncle George 2,0110 Interest income from Lodge State Bank 212 Federal income taxes withheld: From Ken's salary 2,2111} From Amy's wages 555 Amy owns and operates a computer bookstore named "The Disk Drive.\" The store is located at 2501] Broadway Street, Menomonie, WI 54251. The business EEN is 22-123455? and the principal business code for bookstores is 451211. During 2515, Amy had the following income and expenses: Sales of books $325,115 Expenses Store rental 15,[} Ofce expense 5,151} Advertising 11,5110 I13in business license 1,2[} Payroll 33,551}
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