(Solved): - Joanne is a data entry clerk, age 26, and single. - Joanne has investment income and a consolidat ...

- Joanne is a data entry clerk, age 26, and single. - Joanne has investment income and a consolidated broker's statement. - Joanne is self employed delivering food for Delicious Deliveries on the weekends. She recaived a Form 1099-NEC and a Form 1099-K. She received additional cash payments of \( \$ 455 \). - Joanne uses the cash method of accounting. She uses business code 492000. - Joanne provided a statement from the food delivery service indicating the fees paid for the year. These fees are considered ordinary and necessary for the food delivery business: - \( \$ 150 \) for insulated box rental - \( \$ 50 \) for vehicle safety inspection (required by Delicious Deliveries) - \( \$ 600 \) for Delicious Deliveries fees - Joanne also kept receipts for the following out-of-pocket expenses: - \( \$ 100 \) for tolls - \$120 for car washes - \( \$ 150 \) for tickets for illegal parking - \$150 for snacks and lunches Joanne consumed while working - Joanne's record keeping application shows she has driven a total of 2,500 miles during and between deliveries. 1,200 miles were driven from \( 1 / 01 / 2022-6 / 30 / 2022 \), and 1,300 miles were driven from \( 7 / 01 / 2022-12 / 31 / 2022 \). She also drove 1,500 miles between her home and the first and last delivery of each day. - She placed her only vehicle, an SUV, in service on 3/15/2020. The total mileage on her SUV for tax year 2022 was 11,000 miles. Of that. 7,000 were personal miles. Joanne will take the standard business mileage rate. - Joanne took an early distribution from her IRA in Apri. She used part of the IRA distribution to pay off her educational expenses. - Joanne is paying off her student loan from 2017. - Joanne is working towards her Masters of Education degree to start a new career as an Associate Professor. She took a few college courses this year at an accredited college. - If Joanne has a refund, she would like it deposited into her checking account. 23. What is the net long term capital gain reported on Joanne's Schedule D? a. \( \$ 2,450 \) b. \( \$ 2,100 \) c. \( \$ 1,750 \) d. \( \$ 350 \) 24. Which of the following can be claimed as a business expense on Joanne's Schedule C? a. Car washes b. Tickets for illegal parking c. Tolls d. Snacks and lunches 25. What is the amount Joanne can take as a student loan interest deduction on her Form 1040 , Schedule 1? \$ 26. How many miles can Joanne use to calculate her standard mileage deduction? a. 1,500 b. 2,500 c. 4,000 d. 11,000 27. What is the amount of Joanne's lifetime leaming credit? \( \$ \) 28. Joanne will have to pay \( \$ \). additional tax because she received the early distribution from her IRA. 29. How can Joanne prevent having a balance due next year? a. She can increase the withholding on her Form W-4. b. She can make estimated tax payments. c. She can use the IRS withholding calculator to estimate her withholding for next year. d. All of the above