janice morgan age 24 is single and has no dependents she is afreelance writer in jan 3710378

Janice Morgan, age 24, is single and has no dependents. She is afreelance writer. In January 2016, Janice opened her own officelocated at 2751 Waldham Road, Pleasant Hill, NM 88135. She calledher business Writers Anonymous. Janice is a cash basis taxpayer.She lives at 132 Stone Avenue, Pleasant Hill, NM 88135. Her SocialSecurity number is 123-45-6789. Janice’s parents continue toprovide health insurance for her under their policy. Janice wantsto contribute to the Presidential Election Campaign Fund. During2016, Janice reported the following income and expense itemsconnected with her business. Income from sale of articles $85,000Rent 16,500 Utilities 7,900 Supplies 1,800 Insurance 5,000 Travel(including meals of $1,200) 3,500 Janice purchased and placed inservice the following fixed assets for her business. Janice wantsto elect immediate expensing under § 179, if possible. Furnitureand fixtures (new) costing $21,000 on January 10. Computerequipment (new) costing $12,400 on July 28. Janice’s itemizeddeductions include: State income tax $2,950 Home mortgage interestpaid to First National Bank 6,000 Property taxes on home 1,500Charitable contribution to her alma mater, State College 1,200Janice did not keep a record of the sales tax she paid. The amountfrom the sales tax table is $437. Janice reports interest income of$4,000 on certificates of deposit at Second National Bank. She madeestimated tax payments of $3,000 for 2016. Required: Compute JaniceMorgan’s 2016 Federal income tax payable (or refund due). Makerealistic assumptions about any missing data. If an amount box doesnot require an entry or the answer is zero, enter “0”. Enter allamounts as positive numbers. It may be necessary to complete theother tax forms and schedules before completing Form 1040. Use thetax schedules (not the tax tables) included with this problem tocompute the tax. When computing the tax liability, do not roundyour immediate calculations. If required, round your final answersto the nearest dollar.

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