Use given information to fill out second picture. Numbers already on the worksheet are given.

Use the following information to compute Ashley Panda's 2020 federal income tax payable amount or tax refund amount. Complete your calculations using the designated excel worksheet, and follow the instructions on the comprehensive problem information sheet. You may find it useful to reference the following forms while completing this comprehensive problem: Form 1040, Schedule 1, Schedule A and Schedule C. Facts: Ashley Panda is single and has a 20 year old son named Bill. Bill lives with Ashley and she fully supports him. Bill spent 2020 traveling in Asia and was not a student. In 2020 Bill had gross income of $5,780. Ashley owns and operates Panda Enterprises, LLC, a data processing service company. Panda Enterprises' cash basis 2020 P&L Statement, generated in QuickBooks accounting software, shows the following: revenues of $340,000, office expense of $66,759, employee salary of $63,000, employee payroll taxes of $4,820, health insurance premiums of $26,000, total legitimate business meal expenses of $3,000, and rent expense of $24,000. There is no depreciation for either book or tax in 2020 because all depreciable equipment owned has been fully depreciated in previous years. The portion of the health insurance premiums paid to cover the employee was $9,600. The portion of the premium paid to cover Ashley was $9,700, and the remainder of the cost was for Bill's coverage. Ashley has an extensive stock portfolio and has prepared the following analysis. Stock # of Shares Date Purchased Date Sold Per Share Cost Per Share Selling Price Total Dividends AA 10 6/22/20 10/11/20 $ 80 $ 74 $ 30 BB 30 8/5/09 10/11/20 43 157 120 CC 15 12/16/19 10/11/20 62 33 65 Note: Ashley received a Form 1099-B from her stockbroker that included the adjusted basis and sales proceeds for each of her stock transactions. The per-share cost includes commissions, and the per-share selling price is net of commissions. Also, the dividends are the actual cash dividends received in 2020 and are both ordinary dividends (rather than liquidating dividends) and qualified dividends. Ashley received $1,200 of interest income from state of Ohio bonds and $300 of interest income on her First Savings Bank account. She paid $15,000 of alimony to her former husband whom she divorced 2015, and $35,000 of estimated federal income tax payments for 2020. Ashley itemizes her deductions and had the following items, which may be relevant to her return: Item Amount Notes Unreimbursed medical expenses $4,721 all for Ashley's visits to her doctors State income taxes paid 3,840 Real property taxes on personal residence 4,330 Interest paid on home mortgage 8,137 $200K acquisition loan secured by residence Charitable contributions 1,372 checks paid to Ashley's church State sales taxes 619 amount from IRS sales tax table Gross Income: Schedule C Total Gross Income 173,761 Deductions for AGI: Ashley Sched C profit x 92.35% (7.65% reduction) x 2.9% medicare tax rate 12.4% SS tax rate x 137,700 Total SE tax x 50% of SE tax > $137,700 SS threshold Total Deductions for AGI 42,218 21,636 AGI Itemized Deductions: Total Itemized Deductions 17,679 MTI OBI TI before QBI Ded Less: LTCG Less: QD Total MTI Sched C profit Less: SE Ins ded Less: SE tax ded Total QBI Qualified Business Income Deduction: Lesser of MTI or QBI X 20% QBI Deduction 20% Single tax on $ Taxable income Less: LTCG Less: qualified dividends TI taxed at ordinary rates 88,579 Tax on TI taxed at ordinary rates TIIS > $40,000 & $137,700 SS threshold Total Deductions for AGI 42,218 21,636 AGI Itemized Deductions: Total Itemized Deductions 17,679 MTI OBI TI before QBI Ded Less: LTCG Less: QD Total MTI Sched C profit Less: SE Ins ded Less: SE tax ded Total QBI Qualified Business Income Deduction: Lesser of MTI or QBI X 20% QBI Deduction 20% Single tax on $ Taxable income Less: LTCG Less: qualified dividends TI taxed at ordinary rates 88,579 Tax on TI taxed at ordinary rates TIIS > $40,000 &