Tax Software Assignment # $2-$ Tax Return Problem

Jill Mason, age $24,$ is single and has no dependents. She is an accountant. She lives at

$1701$ N$.$ Michigan Street, Chicago, IL $60601.$ Her Social Security number is $405-45-6789.$

In January, $2022,$ Jill opened her own CPA office located at $820$ N$.$ State Street, Chicago,

IL $60601.$ Her business is called Mason Accounting Services. Jill is a cash basis taxpayer.

Jill's parents continue to provide health insurance for her under their policy. Jill wants

to contribute to the Presidential Election Campaign Fund.

During $2022,$ Jill reported the following income and expense items connected with her

business.

Jill purchased and placed in service the following fixed assets for her business. Jill wants

to elect immediate expensing under IRC Section $179,$ if possible.

Furniture and fixtures $($new$)$ costing $$18,600$ on January $12$

$,$ Computer equipment $($new$)$ costing $$20,000$ on July $28.$

Jill's itemized deductions include:

Jill paid sales tax of $$437$ during $2022.$

Jill reports interest income of $$5,000$ on certificates of deposit at Peoples Bank and

qualified dividend income of $$1,000$ from DEF Company, Inc. Jill made Federal estimated

tax payments of $$4,000$ for $2022($payments of $$1,000$ were made on April $15,2022,$ June

$15,2022,$ September $15,2022,$ and December $15,2022).$

THIS RETURN IS FOR $2022-$ TAX LAWS IN EFFECT FOR $2022$ WILL APPLY

Compute Jill Mason's $2022$ Federal income tax payable $($or refund due$).$ The tax forms required for

your computations are Forms $1040($and Schedules $1-2),1040-$V$,4562,8995$ and Schedules $A,$

B C$,$ and SE$.$ You should also include Form $8879$ and the Transmittal Letter to Jill. You are

required to complete the $2022$ Federal tax return using $2022$ Intuit ProConnect Tax Software.

You are required to submit the filing copy of the return in pdf format in D$2$L $($courses$)$ using the link

under the assignments tab.

The taxable income in the $1040$ should be $$8592$ and Im off