Serena is a 38-year-old single taxpayer. She operates a small business on the side as a sole proprietorship. Her 2019 Schedule C reports net profits of $15,624. Her employer does not offer health insurance. Serena pays health insurance premiums of $7,545 in 2019. Serena also pays long-term care insurance premiums of $600 in 2019.
Calculate Serena's self-employed health care deduction.
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Serena is a 38-year-old single taxpayer. She operates a small business on the side as a...
Problem 5-2 Self-Employed Health Insurance Deduction (LO 5.2) Serena is a 40-year-old single taxpayer. She operates a small business on the side as a sole proprietorship. Her 2018 Schedule C reports net profits of $5,624. Her employer does not offer health insurance. Serena pays health insurance premiums of $7,545 in 2018. Serena also pays long-term care insurance premiums of $600 in 2018. Calculate Serena's self employed health care deduction. You guys have an answer. But my home is saying it's...
Serena is a 40-year-old single taxpayer. She operates a small business on the side as a sole proprietorship. Her 2018 Schedule C reports net profits of $5,624. Her employer does not offer health insurance. Serena pays health insurance premiums of $7,545 in 2018. Serena also pays long-term care insurance premiums of $600 in 2018. Calculate Serena’s self-employed health care deduction. $____________ Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2018, Evan has...
In 2020, Campbell, a single taxpayer, has $400,000 of profits (net of the deduction for self-employment taxes, the self-employed health insurance deduction, and the deduction for contributions to qualified self-employment retirement plans) from her general store, which she operates as a sole proprietorship. She has $100,000 of employee wages, $40,000 of qualified property, and $500,000 of taxable income before the deduction for qualified business income. How much is Campbell’s deduction for qualified business income? Multiple Choice $100,000. $80,000. $50,000. $26,000....
Susan, a single taxpayer, owns and operates a bakery as a sole proprietorship. The business is not a specified services business. In 2019, the business pays $60,000 of W–2 wages and reports qualified business income of $200,000. Susan also has a part-time job earning wages of $11,000 and receives $3,200 of interest income. Assume the QBI amount is net of the self-employment tax deduction. What is Susan's tentative QBI based on the W–2 Wages/Capital Investment Limit? $ ______ Determine Susan's...
Susan, a single taxpayer, owns and operates a bakery as a sole proprietorship. The business is not a specified services business. In 2019, the business pays $60,000 of W–2 wages and reports qualified business income of $200,000. Susan also has a part-time job earning wages of $11,000 and receives $3,200 of interest income. Assume the QBI amount is net of the self-employment tax deduction. What is Susan's tentative QBI based on the W–2 Wages/Capital Investment Limit? $ Determine Susan's allowable...
Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2019, the business pays $100,000 in W–2 wages, has $150,000 of qualified property, and generates $350,000 of qualified business income. Susan has no other items of income or loss and will take the standard deduction. Assume the QBI amount is net of the self-employment tax deduction. What is Susan's qualified business income deduction?
Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2019, the business pays $60,000 of W–2 wages and generates $200,000 of qualified business income. Susan also has a part-time job earning wages of $11,000 and receives $3,200 of interest income. Assume the QBI amount is net of the self-employment tax deduction. What is Susan's tentative QBI based on the W–2 Wages/Capital Investment Limit? $ Determine Susan's allowable...
It is not $50,000. Susan, a single taxpayer, owns and operates a bakery as a sole proprietorship. The business is not a specified services business. In 2019, the business pays $100,000 in W-2 wages, holds $150,000 of qualified property, and generates $150,000 of qualified business income. Susan has no other items of income or loss and will take the standard deduction. Assume the QBI amount is net of the self- employment tax deduction. What is Susan's QBI deduction?
Problem 15-33 (LO. 3, 4) Susan, a single taxpayer, owns and operates a bakery as a sole proprietorship. The business is not a specified services business. In 2019, the business pays $60,000 of W-2 wages and reports qualified business income of $200,000. Susan also has a part-time job earning wages of $11,000 and receives $3,200 of interest income. Assume the QB1 amount is net of the self-employment tax deduction What is Susan's tentative QBI based on the W-2 Wages/Capital Investment...
In 2018 Shira is a single taxpayer that operates a hot dog cart on the streets of Chicago. The business is operated as a sole proprietorship with no employees. Shira's Schedule Creports income of $92,000. Her taxable income is $78,000 and indudes no capital gains, What is Shira's OBT deduction? a. $18.400 b. 50 c. $15,600 d. $19,500 In 2018 Shira is a single taxpayer that operates a hot dog cart on the streets of Chicago. The business is operated...