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Jane Smith, age 40, is single and has no dependents. She is employed as a legal secretary by Legal Services, Inc.
Jane Smith, age 40, is single and has no dependents. She is employed as a legal secretaryby Legal Services, Inc. She owns and operates Typing Services located near the campus ofFlorida Atlantic University at 1986 Campus Drive. Jane is a material participant in thebusiness. She is a cash basis taxpayer. Jane lives at 2020 Oakcrest Road, Boca Raton, FL33431. Jane’s Social Security number is 123–45–6789. Jane indicates that she wishes todesignate $3 to the Presidential Election Campaign Fund. During 2010, Jane had thefollowing income and expense items:a. $100,000 salary from Legal Services, Inc.b. $20,000 gross receipts from her typing services business.c. $700 interest income from Acme National Bank.d. $1,000 Christmas bonus from Legal Services, Inc.e. $60,000 life insurance proceeds on the death of her sister.f. $5,000 check given to her by her wealthy aunt.g. $100 won in a bingo game.h. Expenses connected with the typing service:Office rent$7,000Supplies4,400Utilities and telephone4,680Wages to part-time typists5,000Payroll taxes500Equipment rentals3,000i. $9,500 interest expense on a home mortgage (paid to San Jose Savings and Loan) .j. $15,000 fair market value of silverware stolen from her home by a burglar on Octo-ber 12, 2010. Jane had paid $14,000 for the silverware on July 1, 2001. She was reimbursed $1,500 by her insurance company.k. Jane had loaned $2,100 to a friend, Joan Jensen, on June 3, 2007. Joan declaredbankruptcy on August 14, 2010, and was unable to repay the loan. Assume the loan isa bona fide debt.l. Legal Services, Inc., withheld Federal income tax of $18,000 and FICA tax of $7,376{Social Security tax of $5,978 [($101,000 À $4,580) Â 6.2%] + Medicare tax of $1,398[($101,000 À $4,580) Â 1.45%] }.m. Alimony of $10,000 received from her former husband, Ted Smith.n. Interest income of $800 on City of Boca Raton bonds.o. Jane made estimated Federal tax payments of $1,000.p. Sales taxes from the sales tax table of $964.q. Charitable contributions of $2,500.Part 1—Tax ComputationCompute Jane Smith’s 2010 Federal income tax payable (or refund due) . If you use taxforms for your computations, you will need Forms 1040 and 4684 and Schedules A, C,and D.
