Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm while Jessie runs a craft business from their home. Jessieâ€s craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220,000) and a personal loan to pay for Lizzieâ€s college expenses (balance of $35,000).
Neither Joe nor Jessie is blind or over age 65, and they plan to file as married-joint. Assume that the employer portion of the self-employment tax on Jessieâ€s income is $831. Joe and Jessie have summarized the income and expenses they expect to report this year as follows:
Income:
Joeâ€s salary
$
124,100
Jessieâ€s craft sales
18,400
Interest from certificate of deposit
1,650
Interest from Treasury bond funds
716
Interest from municipal bond funds
920
Expenditures:
Federal income tax withheld from Joeâ€s wages
$
13,700
State income tax withheld from Joeâ€s wages
6,400
Social Security tax withheld from Joeâ€s wages
7,482
Real estate taxes on residence
6,200
Automobile licenses (based on weight)
310
State sales tax paid
1,150
Home mortgage interest
14,000
Interest on Masterdebt credit card
2,300
Medical expenses (unreimbursed)
1,690
Joeâ€s employee expenses (unreimbursed)
2,400
Cost of Jessieâ€s craft supplies
4,260
Postage for mailing crafts
145
Travel and lodging for craft shows
2,230
Self-employment tax on Jessieâ€s craft income
1,662
College tuition paid for Lizzie
5,780
Interest on loans to pay Lizzieâ€s tuition
3,200
Lizzieâ€s room and board at college
12,620
Cash contributions to the Red Cross
525
Complete the tax forms using the above information.
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