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Question: compute tonys taxable income for the year if forms are...

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Compute Tonys taxable income for the year. If forms are used for the computations, 62 Wendy White (L.D. No. 526-30-9001), age 29, is single. She lives at 1402 Pacific KXXR television station as the evening news anchor. An examination of her records for 2017 revealed the fol- complete Form 1040 and Schedule A Beach Ave., San Diego, CA 92230. Wendy is employed by lowing information. 1. Wendy earned $150,000 in salary. Her employer withheld $40,000 in Federal income taxes and the proper amount of FICA taxes. 2. Wendy also received $10,000 in self-employment income from personal appear- ances during the year. Her unreimbursed expenses related to this income were: transportation and lodging, $523; meals, $120; and office supplies, $58. 3. Wendy reports the following additional deductions: home mortgage interest, $6,250; charitable contributions, $1,300; state and local income taxes, $3,100; and employment-related expenses, $920. Compute Wendys taxable income for 201% and her tax due (including any self- employment tax). If forms are used for the computations, complete Form 1040, Schedule A, Schedule C, and Schedule SE. AX RESEARCH PROBLEMS 63 T and two associates are equal owners in LST Corporation. The three formed the corporation several years ago with the idea of capitalizing on the fitness movement. After a modest beginning and meager returns, the corporation did extremely well this tho cornoration nlans on paying the three individuals salaries that
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