From Icelandic genealogist Fridrik Skulason (frisk@complex.is):
The name Johanne Margrethe Thorsdottir looks very odd. If correct, this would mean that there would
have been somebody named 'Þór' (Thor) here in Iceland, born in the early 18th century, and that borders on the unthinkable. The name was still considered 'forbidden', being the name of one of the old gods, and is simply not known to have been used here before 1880 or so. There is also no 'Þór', 'Þórsson' or
'Þórsdóttir' known before that, and certainly not in the early 18th century.
My guess is that either:
1) she was Norwegian or Swedish, where the name Thor was in use at this time
or
2) this is a misspelling, or a shortening of 'Þórðardóttir', 'Þórarinsdóttir' or 'Þorsteinsdóttir'.
Anyhow, I have not been able to find any further information on this person,
sorry.
-frisk