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:
Jessieâ€s craft sales
Interest from certificate of deposit
Interest from Treasury bond funds
Interest from municipal bond funds
Federal income tax withheld from Joeâ€s wages
State income tax withheld from Joeâ€s wages
Social Security tax withheld from Joeâ€s wages
Real estate taxes on residence
Automobile licenses (based on weight)
State sales tax paid
Home mortgage interest
Interest on Masterdebt credit card
Medical expenses (unreimbursed)
Joeâ€s employee expenses (unreimbursed)
Cost of Jessieâ€s craft supplies
Postage for mailing crafts
Travel and lodging for craft shows
Self-employment tax on Jessieâ€s craft income
College tuition paid for Lizzie
Interest on loans to pay Lizzieâ€s tuition
Lizzieâ€s room and board at college
Cash contributions to the Red Cross
Complete the tax forms using the above information.
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