Aliza Grajek is a self-employed nurse with a 2017 gross income
of $66,000 and taxable annual income (federal and state) of
$55,000 after adjustments, exemptions, and deductions. Calculate
her total 2017 income tax liability, including federal and FICA
taxes.
Homework Answers
| Taxable income | Tax | |
| Total taxable income | 55000 | |
| For 1st (10%) | 9325 | 932.5 |
| next (15%) | 28625 | 4293.75 |
| final (25%) | 17050 | 4262.5 |
| Total Income tax | 55000 | 9488.75 |
| Social Security Tax liability 2017 (12.4%) | 66000 | 8184 |
| Medicare Tax liability 2017 (2.9%) | 66000 | 1914 |
| Total tax liability 2017 | 19586.8 |
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Aliza Grajek is a self-employed nurse with a 2017 gross income
of $66,000 and taxable annual...
Aliza Grajek is a self-employed nurse with a 2017 gross income of $66,000 and taxable annual...
Aliza Grajek is a self-employed nurse with a 2017 gross income of $66,000 and taxable annual income (federal and state) of $55,000 after adjustments, exemptions, and deductions. Calculate her total 2017 income tax liability, including federal and FICA taxes. According to the IRS tax table, Aliza's federal income tax liability for the 2017 tax year is $nothing. (Round to the nearest cent.) Click the following link for the tax rates and brackets table. LOADING... Assume the amount of taxable income...
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eBooks Calculator Discussion Question 12-9 (L0.6) Joan is a self-employed consultant. What is her exposure to...
eBooks Calculator Discussion Question 12-9 (L0.6) Joan is a self-employed consultant. What is her exposure to the Federal self-employment tax? What tax rates that apply to Joan's profits, and the income base amounts for the year? Individuals with net earnings of $ 400 or more from self employment are subject to the self-employment tax. For 2019, the self-employment tax is 15.3 X percent of self-employment earnings up to $ 1 X for the Social Security portion plus 2.9 percent of...
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Bchoices: Total personal exemptions, (AGI), Adjustments to
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Cchoices: Total tax liability owed, Itemized deductions,
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Dchoices: Taxable income Total personal exemptions Total tax
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F: Other taxes Total personal exemptions Tax credits
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Ch 03: Assignment...
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In 2016, to help pay for college, you worked part time at a local restaurant, earning $23,000 in wages and tips. Us...
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all 1 question
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Total income $118,000 Excludable income 2,000 Deductions for adjusted gross income 2,500 Deductions from adjusted gross...
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Tax Accounting
Self-Employed Social Security Taxes (LO. 2) For 2019, Eric is a self-employed financial consultant. During the current year, Eric's net self-employment income is $140,300. The OASDI rate is 6.2%; the MHI rate is 1.454 Hint: OASDI 6.2% tax is on the first $132,900 for the year. Note: Round all calculations to the nearest cent. What is Eric's self-employment tax?
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1. a. gross income
b. total tax liability owned
c. adjusted gross income
2 a. total personal exemptions
b. adjustments to income
c. adjusted gross income (AGI)
3 a. Itemized deductions
b. adjusted gross incomte
c. total tax liability owned
4 a. taxable income
b. total tax liability owned
c. total personal exemptions
5 a. taxable income
b. adjusted gross income
c. other taxes
6 a. other taxes
b. total personal exemptios
c. tax credits
7 a. total tax liability...
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Bchoices: Total personal exemptions, (AGI), Adjustments to
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Cchoices: Total tax liability owed, Itemized deductions,
(AGI)
Dchoices: Taxable income Total personal exemptions Total tax
liability owed
E: Taxable income (AGI) Other taxes
F: Other taxes Total personal exemptions Tax credits
G: Tax credits Other credits Tax liability owed
H: Taxable income Total tax liability owed Adjestments to
(gross) income
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all 1 question
Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is $170,000. What is her self-employment tax liability and additional Medicare tax liability for 2020? (Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability Additional medicare tax liability Rasheed works for Company A, earning $431,000 in salary during 2020. Assuming he is single and has no other...
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