Janice purchased and placed in service the following fixed assets for her business. Janice wants to...
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Janice purchased and placed in service the following fixed assets for her business. Janice wants to elect immediate expensing under § 179, if possible. • 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 $2,950 Home mortgage interest paid to First National Bank Property taxes on home 6,000 2,500 Charitable contribution to her alma mater, State College 1,200 Janice did not keep a record of the sales tax she paid. The amount allowed b the sales tax table is $437. Janice reports interest income of $4,000 on certificates of deposit at Second National Bank. Janice makes estimated tax payments of $3,000 for 2019. Compute Janice Morgan's 2019 Federal income tax payable (or refund đue)i you use tax forms for your computations, you will need Forms 1040, 4562 8905 and Schedules 1, 2, 3, A, B, C, and SE. Suggested software: ProConnect Tax Online Janice purchased and placed in service the following fixed assets for her business. Janice wants to elect immediate expensing under § 179, if possible. • 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 $2,950 Home mortgage interest paid to First National Bank Property taxes on home 6,000 2,500 Charitable contribution to her alma mater, State College 1,200 Janice did not keep a record of the sales tax she paid. The amount allowed b the sales tax table is $437. Janice reports interest income of $4,000 on certificates of deposit at Second National Bank. Janice makes estimated tax payments of $3,000 for 2019. Compute Janice Morgan's 2019 Federal income tax payable (or refund đue)i you use tax forms for your computations, you will need Forms 1040, 4562 8905 and Schedules 1, 2, 3, A, B, C, and SE. Suggested software: ProConnect Tax Online
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Related Book For
South western Federal Taxation 2017 Essentials of Taxation Individuals and Business Entities
ISBN: 9780357109144
20th edition
Authors: William A. Raabe, David M. Maloney, James C. Young, Annette Nellen
Posted Date:
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