NOTE: Use the following information to answer Questions 13-15. 13
15. ASSUME that taxable income is $215,000. What is the regular income tax liability?
a.$ 51,600
b. $ 75,250
C. $ 50,940
d. $ 40,179
e. None of the above
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NOTE: Use the following information to answer Questions 13-15.
13
15. ASSUME that taxable income is...
C Solved: Social Secur.. 0 Pearson's Federal T... Sign in to your acco.. NOTE: Use the...
C Solved: Social Secur.. 0 Pearson's Federal T... Sign in to your acco.. NOTE: Use the following information to answer Questions 13-15. 13. Mr. and Mrs. Lawson have the following tax information for 2018 and file a joint return. Salary-Mr. Lawson Salary-Mrs. Lawson $ 90,000 60,000 Gross receipts from Mr. Lawson's consulting business 210,000 Expenses related to Mr. Lawson's consulting business 140,000 Interest received from municipal bonds 12,000 Itemized deductions What is Mr. Lawson's self-employment tax (rounded)? a. $ 5,875...
Mr. and Mrs. Wilson are married with one dependent child. They report the following information for...
Mr. and Mrs. Wilson are married with one dependent child. They
report the following information for 2019:
Compute AGI, taxable income, and total tax liability (including
self-employment tax). Assume that Schedule C net profit is
qualified business income under Section 199A. Assume the taxable
year is 2019.
Please help find Total tax liability.
Schedule C net profit Interest income from certificate of deposit (CD) Self-employment tax on Schedule C net profit Dividend eligible for 15% rate Mrs. Wilson's salary from...
Mr. and Mrs. Wilson are married with one dependent child. They report the following information f...
Mr. and Mrs. Wilson are married with one dependent child. They report the following information for 2018: Schedule C net profit $ 66,650 Interest income from certificate of deposit (CD) 2,100 Self-employment tax on Schedule C net profit 9,418 Dividend eligible for 15% rate 12,000 Mrs. Wilson's salary from Brants Company 75,000 Dependent care credit 500 Itemized deductions 27,000 Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualified business income...
Required information Problem 15-45 (LO 15-3) (The following information applies to the questions displayed below) Jacob...
Required information Problem 15-45 (LO 15-3) (The following information applies to the questions displayed below) Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $145,000 of business income from WCC for the year. Jacob's marginal income tax rate is 37 percent. The business allocation is subject to 29 percent of self- employment tax and 0.9 percent additional Medicare tax. (Round your intermediate calculations to the nearest whole dollar amount.) Problem 15-45 Part a a....
Required information (The following information applies to the questions displayed below.] Lacy is a single taxpayer....
Required information (The following information applies to the questions displayed below.] Lacy is a single taxpayer. In 2020, her taxable income is $43,200. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations.) b. Her $43,200 of taxable income includes $2,200 of qualified dividends. Tax liability Alice is single and self-employed in 2020. Her net business profit on...
Problem 15-55 (LO 15-3) (Static) [The following information applies to the questions displayed below.] Mackenzie is...
Problem 15-55 (LO 15-3) (Static) [The following information applies to the questions displayed below.] Mackenzie is considering conducting her business, Mac561, as either a single-member LLC or an S corporation. Assume her marginal ordinary income tax rate is 37 percent, her marginal FICA rate on employee compensation is 1.45 percent, her marginal self-employment tax rate is 2.9 percent, and any employee compensation or self-employment income she receives is subject to the 0.9 percent additional Medicare tax. Also assume Mac561 generated...
2 (#2) Questions 5-6 DIRECTIONS: The following information is to be used in answering Questions 5...
2 (#2) Questions 5-6 DIRECTIONS: The following information is to be used in answering Questions 5 and 6. Mr. Zelev operates a business as a sole proprietor and uses the cash basis for reporting income for income tax purposes. His bank account during 2015 for the business shows receipts totaling $285,000 and cash payments totaling $240,000. Included in the cash pay- ments were payments for three-year business insurance policies whose premiums totaled $1,575. It was determined that the expired premiums...
Use the following table to answer questions below: Range of taxable income  
Use the following table to answer questions below: Range of taxable income Marginal rate $ 0 to $ 50,000 15% 50,000 to 75,000 25 75,000 to 100,000 34 100,000 to 335,000 39 335,000 to 10,000,000 34 10,000,000 to 15,000,000 35 Smith Company has a taxable income of $90,000. Calculate their actual income tax liability. Using your answer from question (3) above, calculate Smith’s effective tax rate at...
Required information Use the following information for exercise 15 to 18 LO P2 The following information...
Required information Use the following information for exercise 15 to 18 LO P2 The following information applies to the questions displayed below! On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $83,850 in assets to launch the business. On October 31, the company's records show the following items and amounts. $ 1.890 Cash $11,580 Accounts 13,860 receivable office supplies 3,140 Land 46,000 Office equipment 17,820 Accounts payable 8,400 Owner investments 83,850 Cash withdrawals by owner...
Required information Use the following information for exercise 15 to 18 LO P2 (The following information...
Required information Use the following information for exercise 15 to 18 LO P2 (The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,780 in assets to launch the business. On October 31, the company's records show the following items and amounts. $8,990 owner 0 Cash withdrawals by $ 2.830 Cash Accounts 14,740 Consulting revenue 14,740 receivable Office supplies 3,930 Rent expense 4,300 Land 45,980 Salaries expense...
C Solved: Social Secur.. 0 Pearson's Federal T... Sign in to your acco.. NOTE: Use the following information to answer Questions 13-15. 13. Mr. and Mrs. Lawson have the following tax information for 2018 and file a joint return. Salary-Mr. Lawson Salary-Mrs. Lawson $ 90,000 60,000 Gross receipts from Mr. Lawson's consulting business 210,000 Expenses related to Mr. Lawson's consulting business 140,000 Interest received from municipal bonds 12,000 Itemized deductions What is Mr. Lawson's self-employment tax (rounded)? a. $ 5,875...
Mr. and Mrs. Wilson are married with one dependent child. They
report the following information for 2019:
Compute AGI, taxable income, and total tax liability (including
self-employment tax). Assume that Schedule C net profit is
qualified business income under Section 199A. Assume the taxable
year is 2019.
Please help find Total tax liability.
Schedule C net profit Interest income from certificate of deposit (CD) Self-employment tax on Schedule C net profit Dividend eligible for 15% rate Mrs. Wilson's salary from...
Required information Problem 15-45 (LO 15-3) (The following information applies to the questions displayed below) Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $145,000 of business income from WCC for the year. Jacob's marginal income tax rate is 37 percent. The business allocation is subject to 29 percent of self- employment tax and 0.9 percent additional Medicare tax. (Round your intermediate calculations to the nearest whole dollar amount.) Problem 15-45 Part a a....
Required information (The following information applies to the questions displayed below.] Lacy is a single taxpayer. In 2020, her taxable income is $43,200. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations.) b. Her $43,200 of taxable income includes $2,200 of qualified dividends. Tax liability Alice is single and self-employed in 2020. Her net business profit on...
2 (#2) Questions 5-6 DIRECTIONS: The following information is to be used in answering Questions 5 and 6. Mr. Zelev operates a business as a sole proprietor and uses the cash basis for reporting income for income tax purposes. His bank account during 2015 for the business shows receipts totaling $285,000 and cash payments totaling $240,000. Included in the cash pay- ments were payments for three-year business insurance policies whose premiums totaled $1,575. It was determined that the expired premiums...
Required information Use the following information for exercise 15 to 18 LO P2 The following information applies to the questions displayed below! On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $83,850 in assets to launch the business. On October 31, the company's records show the following items and amounts. $ 1.890 Cash $11,580 Accounts 13,860 receivable office supplies 3,140 Land 46,000 Office equipment 17,820 Accounts payable 8,400 Owner investments 83,850 Cash withdrawals by owner...
Required information Use the following information for exercise 15 to 18 LO P2 (The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,780 in assets to launch the business. On October 31, the company's records show the following items and amounts. $8,990 owner 0 Cash withdrawals by $ 2.830 Cash Accounts 14,740 Consulting revenue 14,740 receivable Office supplies 3,930 Rent expense 4,300 Land 45,980 Salaries expense...
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