Compute janice morgans 2014 federal income tax payable

Reference no: EM13870212

Question:

Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In January 2014, 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. Janice''s parents continue to provide health insurance for her under their policy. Janice wants to contribute to the Presidential Election Campaign Fund.

During 2014, Janice reported the following income and expense items connected with her business.

Income from sale of articles

$85,000

Rent

16,500

Utilities

7,900

Supplies

1,800

Insurance

5,000

Travel (including meals of $1,200)

3,500

Janice purchased and placed in service the following fixed assets for her business. Janice wants to elect immediate expensing under § 179.

Furniture and fixtures (new) costing $21,000 on January 10.
Computer equipment (new) costing $12,400 on July 28.
Janice''s itemized deductions include:

State income tax

$3,000

Home mortgage interest paid to First Bank

6,000

Property taxes on home

1,500

Charitable contributions

1,200

Janice did not keep a record of the sales tax she paid. The pertinent amount from the sales tax table is $437.

Janice reports interest income of $4,000 on certificates of deposit at Second Bank. Janice makes estimated tax payments of $3,000 for 2014.

Compute Janice Morgan''s 2014 Federal income tax payable (or refund due). If you use tax forms for your computations, you will need Forms 1040 and 4562 and Schedules A, B, and C.

Reference no: EM13870212

Questions Cloud

Capital structure and capital budgeting analysis : Purpose of the project: In this project, you are supposed to be a financial manager working for a big corporation and you have to apply the knowledge obtained from the financial management (FIN6352) course to determine the cost of debt, cost of prefe..

Explains which party should prevail and why : Draft a reponse that explains which party should prevail and why. Use IRAC or Law + Facts = Conclusion as the outline of your analysis. Title your thread "SoftMan" or "Adobe" to reflect your decision

Determine the magnitude and direction of the electric field : An electron is accelerated eastward at 1.84*10^9 m/s2 by an electric field. determine the magnitude and direction of the electric field.

Describes the system administration task : Your company is currently planning to automate many different system administration tasks. Your manager has asked you to research a system administration task and implement it using VBScript. In addition, your manager would like to see both a proposa..

Compute janice morgans 2014 federal income tax payable : Compute Janice Morgans 2014 Federal income tax payable (or refund due). If you use tax forms for your computations, you will need Forms 1040 and 4562 and Schedules A, B, and C.

The largest available hole in the main memory : In which of the storage placement strategies a program is placed in the largest available hole in the main memory?

Basic philosophies of the Phenomenological : it is necessary for you to determine which two personality theories to apply to the character in your chosen film. Choose two of the following theories explored in this course:Psychodynamic,Phenomenological,Behavioral.

What is annual cost of using reliable componets as suppliers : What is the annual cost of using reliable componets as a suppliers and what is annual cost of using Value Electric as a supplier?

outlining the origins of the mental health literacy paradigm : ‘‘mental health literacy''. After outlining the origins of the mental health literacy paradigm, I shall do my best to explain why its application to eating-disordered behavior has merit and how research in this field might be progressed.

User Account

All Pages