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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).

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