In 2019, Miranda records net earnings from self-employment of $165,100. She has no other income. Determine...

Question

Question

In 2019, Miranda records net earnings from self-employment of $165,100. She has no other income. Determine the amount of Mira

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Answer-

Self employment tax is 15.3% of self-employment income up to $127200 and excess of it, will be 2.9% so

$165000 - $127200 = $37800

upto $127200 = 15.3% * $127200 = 19461.60

$37800 * 2.9% = 1096.20

Self employment tax = 19641.60 + 1096.20 = $20557.80 tax

Deduction for AGI is 50% of self employment tax = $20557.8 * .50 = $10278.9

Add a comment

Answer 2

Similar Homework Help Questions

In 2019, Miranda records net earnings from self-employment of $146,000. She has no other income. Determine...

In 2019, Miranda records net earnings from self-employment of $146,000. She has no other income. Determine the amount of Miranda's self-employment tax and her for AGI income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is: $ ___blank______ and she has a: $____blank_____ deduction for AGI.
In 2019, Miranda records net earnings from self-employment of $165, 100. She has no other income....

In 2019, Miranda records net earnings from self-employment of $165, 100. She has no other income. Determine the amount of Miranda's self-employment tax and her for AGI income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is 20,558 X and she has a $ 10,279 X deduction for AGI
In 2019, Miranda records net earnings from self-employment of $204,700. She reports no other gross income....

In 2019, Miranda records net earnings from self-employment of $204,700. She reports no other gross income. Determine the amount of Miranda's self-employment tax and her for AGI income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is $.............and she has a $............... deduction for AGI.

Tax Drill - Self-Employment Tax In 2019, Miranda records net earnings from self-employment of $146,000. She...

Tax Drill - Self-Employment Tax In 2019, Miranda records net earnings from self-employment of $146,000. She has no other income. Determine the amount of Miranda's self-employment tax and her for AGI income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is $_______ and she has a $______ deduction for AGI.
eBook Calculator Print Item Exercise 11-9 (Algorithmic) (LO. 6) In 2019, Miranda records net earnings from...

eBook Calculator Print Item Exercise 11-9 (Algorithmic) (LO. 6) In 2019, Miranda records net earnings from self-employment of $156,300. She reports no other gross income. Determine the amount of Miranda's self-employment tax and her for AGI Income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is and she has a s deduction for AGI.
In 2019. Landon has self-employment earnings of $214,000. Required: Compute Landon's self-employment tax liability and the...

In 2019. Landon has self-employment earnings of $214,000. Required: Compute Landon's self-employment tax liability and the allowable income tax deduction of the self- employment tax paid. (Round your intermediate computations and final answers to the nearest whole dollar value.) Total self-employment tax liability Self-employment tax deduction

In 2018, Landon has self-employment earnings of $195,000. Compute Landon's self-employment tax liability and the allowable...

In 2018, Landon has self-employment earnings of $195,000. Compute Landon's self-employment tax liability and the allowable income dollar value.) of the self-employment tax paid. (Round your intermediate computations and final answers to the nearest whole Total self-employment tax liability Self-employment tax deduction
Thomas is single and a self-employed architect. During 2019, Thomas’s income from his business is $150,000....

Thomas is single and a self-employed architect. During 2019, Thomas’s income from his business is $150,000. He also pays $2,180 for a medical insurance policy. What is his 2019 self-employment tax deduction? Round intermediate calculations and final answers to the nearest whole dollar. Net self-employment income is total income multiplied by 92.35%. Of this amount, 15.3% is the self-employment tax. The deduction is one-half of the amount for the self-employment tax. Also, remember that OASDI is taxed on a maximum...
Purple Company records $200,000 in net income for 2019 before deducting any compensation or other payment...

Purple Company records $200,000 in net income for 2019 before deducting any compensation or other payment to its sole owner, Kirsten. Kirsten is single and she claims the $12,200 standard deduction. Purple Company is Kirsten's only source of income. Ignoring any employment tax considerations, compute Kirsten's after-tax income for each of the following situations. Click here to access the 2019 individual tax rate schedule to use for this problem. Assume the corporate tax rate is 21%. When required, carryout intermediate...

Purple Company records $200,000 in net income for 2019 before deducting any compensation or other payment...

Purple Company records $200,000 in net income for 2019 before deducting any compensation or other payment to its sole owner, Kirsten. Kirsten is single and she claims the $12,200 standard deduction. Purple Company is Kirsten's only source of income. Ignoring any employment tax considerations, compute Kirsten's after-tax income for each of the following situations. Click here to access the 2019 individual tax rate schedule to use for this problem. Assume the corporate tax rate is 21%. When required, carryout intermediate...

In 2019, Miranda records net earnings from self-employment of $165,100. She has no other income. Determine...

Homework Answers

Add Answer to:
In 2019, Miranda records net earnings from self-employment of $165,100. She has no other income. Determine...

Post as a guest

Earn Coins

In 2019, Miranda records net earnings from self-employment of $146,000. She has no other income. Determine...