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Janice Morgan, age 32, is single and has no dependents. She is a freelance writer. In January 2012, Janice opened her own office located at 22751 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 wants to contribute to the Presidential Election Campaign Fund. During 2012, Janice had 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:

Furniture and fixtures (new) costing $17,000 on January 10, 2012.
Computer equipment (new) costing $40,000 on July 28, 2012.

Janice elected immediate expending under Section 179.

Janice's itemized deductions are as follows:
State income tax $3,000
Home mortgage interest 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 amount from the sales tax table is $437

Janice has interest income of $20,000 on certificates of deposit at Second Bank. Janice makes estimated tax payments of $3,00 for 2012.

Compute Janice Morgan's 2012 Federal income tax payable (or refund due).

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Solution Preview

Please see attached tax forms. The only discrepancy may be in the ...

Solution Summary

Sample of filing 2012 federal taxes for a self-employed, single woman with no dependents.

$2.19