Emily is a self-employed attorney. a. Assuming that Emily earns $20,000 from her practice, calculate...
Emily is a self-employed attorney.
|
a. |
Assuming that Emily earns $20,000 from her practice, calculate the total amount of her self-employment tax liability for 2018. |
|
b. |
Assuming that Emily earns $145,000 from her practice, calculate the total amount of her self-employment tax liability for 2018. |
Homework Answers
Ans: here, Emily is a self employed attorney ;Self employment tax is levied on earnings always( i.e. 92.35%)
1). Emily earns $20,000 from her practice,.:
Self employment tax will be levied on =92.35% of $20,000
= $18,470
Now, self- employment tax liability= $18.470*15.3%
= $ 2826
2. Emily earns $145,000 from her practice= 92.35% of $145,000
= $ 133,908
Now self-employment tax liability= $12.4% of $128,400+2.9% of $133,908
=$ 15,922+3883
=$19,805
Note: limit for rate of social rate of self-employment tax is limited up to $128,400
Add Answer to:
Emily is a self-employed attorney.
a.
Assuming that Emily earns $20,000 from her practice, calculate...
Eliza is a self-employed attorney with earned income from the business of $143,000 (after the ded...
Eliza is a self-employed attorney with earned income from the business of $143,000 (after the deduction for one-half of her self-employment tax). She has a profit-sharing plan (e.g., defined contribution Keogh plan). The maximum amount Eliza can contribute to her retirement plan in 2018 is $_______________.
Jane is a self-employed attorney. This year, her net profit exceeded $350,000, which put her in...
Jane is a self-employed attorney. This year, her net profit exceeded $350,000, which put her in the 37 percent tax bracket. Early in the year, Jane hired Ben as a paralegal and paid him a $33,000 salary. Compute the employer payroll tax on Ben’s salary. In addition to the employer payroll tax, Jane paid $400 unemployment tax on Ben’s salary. The salary and tax expense reduced Jane’s net earnings from self-employment, thereby saving $962 in self-employment tax. Compute Jane’s after-tax...
Sue is self-employed. Her net income from her business is $73,525. What is her total tax? For thi...
Sue is self-employed. Her net income from her business is $73,525. What is her total tax? For this problem, please show all of your work for credit. You will want to calculate her self-employment tax and her federal tax. You only need to calculate total tax – not a refund or amount due.
Alice is single and self-employed in 2020. Her net business profit on her Schedule C for...
Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is $150,000. 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
Alice is single and self-employed in 2019. Her net business profit on her Schedule C for...
Alice is single and self-employed in 2019. Her net business profit on her Schedule C for the year is $200,000. What is her self-employment tax liability and additional Medicare tax liability for 2019? (Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) $ 21,129 Self-employment tax liability Additional medicare tax liability
Puri is a self-employed Spanish teacher. Her earnings from self-employment before the Keogh deduction but after...
Puri is a self-employed Spanish teacher. Her earnings from self-employment before the Keogh deduction but after deducting half of the self-employment tax are $120,000. What is her maximum deductible Keogh contribution for 2018? Multiple Choice $96,000. $54,000. $30,000. $24000
Maria a self-employed artist. During 2017, her net earnings from self-employment were $155,000. What is Maria's...
Maria a self-employed artist. During 2017, her net earnings from self-employment were $155,000. What is Maria's total self-employment tax for 2017? O $19,220.00 O $15,772.80 O $4,151.13 O $19,923.93 Question 8 1 pts Mario a self-employed baseball coach. During 2017, his net earnings from self-employment were $175,000. What is Mario's total self-employment tax for 2017? $26,775.00 O $21,700.00 O $15,772.80 O $20,459,56
Maria a self-employed artist. During 2017, her net earnings from self-employment were $155,000. What is Maria's total self-employment...
all 1 question Alice is single and self-employed in 2020. Her net business profit on her...
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...
ion Question 12-9 (LO. 6) oan is a self-employed consultant. What is her exposure to the...
ion Question 12-9 (LO. 6) oan 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 2018, the self-employment tax is 12.4percent of self-employment earnings up to portion plus 2.9 percent of the total amount of self-employment earnings for the Medicare portion. Self employed taxpayers deduct a portion of the self-employment tax un determining the self-employment...
1. Sue is a self-employed. Her net profit from the self-employment in 2018 is $150,000. What’s...
1. Sue is a self-employed. Her net profit from the self-employment in 2018 is $150,000. What’s her deductible portion of SE tax on line 27 of Schedule 1? a) $11,475 b) $10,597 c) $ 9,969 d) $ 9,823 2. Young is single and self-employed. His net profit from the business is $100,000. His SE tax on Schedule SE is $14,130. He contributed $6,000 to his self-employed SEP IRA account. He also paid $7,800 self-employed health insurance premium in 2018. What...
Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is $150,000. 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
Alice is single and self-employed in 2019. Her net business profit on her Schedule C for the year is $200,000. What is her self-employment tax liability and additional Medicare tax liability for 2019? (Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) $ 21,129 Self-employment tax liability Additional medicare tax liability
Maria a self-employed artist. During 2017, her net earnings from self-employment were $155,000. What is Maria's total self-employment tax for 2017? O $19,220.00 O $15,772.80 O $4,151.13 O $19,923.93 Question 8 1 pts Mario a self-employed baseball coach. During 2017, his net earnings from self-employment were $175,000. What is Mario's total self-employment tax for 2017? $26,775.00 O $21,700.00 O $15,772.80 O $20,459,56
Maria a self-employed artist. During 2017, her net earnings from self-employment were $155,000. What is Maria's total self-employment...
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...
ion Question 12-9 (LO. 6) oan 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 2018, the self-employment tax is 12.4percent of self-employment earnings up to portion plus 2.9 percent of the total amount of self-employment earnings for the Medicare portion. Self employed taxpayers deduct a portion of the self-employment tax un determining the self-employment...
Most questions answered within 3 hours.
-
Suppose X is a random variable whose density is f(x) = cx(1 - x)
for 0...
asked 1 minute ago -
Below is an ANOVA
summary table. Based on these data, would you follow this ANOVA up...
asked 2 minutes ago -
A golf ball rolls off a horizontal cliff with an initial speed
of 11.7 m/s. The...
asked 6 minutes ago -
1. An experiment was run where varying amounts of HClO and KClO
solutions were mixed and...
asked 17 minutes ago -
This is symbolized by a circle over a single line in an entity
relationship diagram. It...
asked 20 minutes ago -
National well-being can be measured using the Per-capita GDP
(per-capita) and the Human Development Index (HDI)....
asked 21 minutes ago -
A failure of an engine control unit causes it to fail an average
of 0.1 times...
asked 34 minutes ago -
A siren on an emergency car moving with velocity 90 km/hour
produces the sound with frequency...
asked 35 minutes ago -
Consider the schema below that models a bank’s branches,
customers and their accounts and loans. Provide...
asked 42 minutes ago -
What kinds of policies should be considered when individuals
decisions may likely impact public expense? For...
asked 50 minutes ago -
The financial statements of Apple Inc. show the following
numbers for fiscal year 2017 ($000,000):
Revenue...
asked 56 minutes ago -
Suppose that you are given the following results. Find the
correlation coefficient of the data.
sx...
asked 1 hour ago