Homework Answers
The IRS limits the amount you can deduct each year. However, this amount is subject to change each tax year. This maximum tax deduction may also be subject to a reduction when your MAGI is too high. The IRS provides a worksheet with your tax return instructions to help you calculate your deduction.
So the IRA Contributions is incorrectly lised as an item which able to deduct up to 100% as an adjustment to income.
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12. Paul is a self-employed traveling minister. If he otherwise qualifies, which of the following is...
Which of the following does not affect the Qualified Business Income Deduction A) Self employed health...
Which of the following does not affect the Qualified Business Income Deduction A) Self employed health insurance deduction B) Self employed contributions to qualified retirement plans under Section 404 C) 50% if self employed tax adjustment to income D) Unreimbursed employee business expenses
Question 75 of 75. In 2018, Raj, a self-employed consultant, spent $4,500 for qualifying health coverage...
Question 75 of 75. In 2018, Raj, a self-employed consultant, spent $4,500 for qualifying health coverage that he purchased dir insurance company. He is not eligible to be covered under any other insurance plan. His net profit from his hu the amount used to figure his self-employment tax, was $68,000. He had no other earned income. How much can directly from an deduct as an adjustment for self-employed health insurance? $0 $2,250
Required Information [The following information applies to the questions displayed below.) Smithers is a self-employed Individual...
Required Information [The following information applies to the questions displayed below.) Smithers is a self-employed Individual who earns $30,000 per year in self-employment Income. Smithers pays $2,200 in annual health Insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health Insurance premlum for Smithers before any AGI limitation. a. Smithers Is single and the self-employment Income is his only source of income. Deductible as either a...
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...
[The following information applies to the questions displayed below.) Smithers is a self-employed individual who earns...
[The following information applies to the questions displayed below.) Smithers is a self-employed individual who earns $35,000 per year in self-employment income. Smithers pays $2,250 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation. d. Smithers is self-employed, and he is also married. Smithers's spouse, Samantha is employed full-time by SF Power Corporation and...
[The following information applies to the questions displayed below Smithers is a self-employed individual who earns...
[The following information applies to the questions displayed below Smithers is a self-employed individual who earns $35,000 per year in self-employment income Smithers pays $2,250 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation. d. Smithers is self-employed, and he is also married. Smithers's spouse, Samantha, is employed full-time by SF Power Corporation and...
[The following information applies to the questions displayed below.] Smithers is a self-employed individual who earns...
[The following information applies to the questions displayed below.] Smithers is a self-employed individual who earns $35,000 per year in self-employment income. Smithers pays $2,250 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation. c. Smithers is self-employed, and he is also married. Smithers's spouse, Samantha, is employed full-time by SF Power Corporation and...
Question 7 of 75. Terrell, a self-employed architect who reported a net profit on his Schedule...
Question 7 of 75. Terrell, a self-employed architect who reported a net profit on his Schedule C. paid for his health insurance out of his own pocket. He was not eligible to be covered under any other insurance plan until November 1, when he became eligible for, but opted out of his spouse's employer-sponsored plan. His total premiums paid for the year were $4,600. How much can Terrell deduct as an adjustment to income on his tax return? $767 $2,300...
Problem 5-2 Self-Employed Health Insurance Deduction (LO 5.2) Serena is a 40-year-old single taxpayer. She operates...
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...
Tommy is a self-employed accountant who operates his business out of a free-standing office building that...
Tommy is a self-employed accountant who operates his business out of a free-standing office building that he owns. Which of the following may he deduct on his Schedule C? The cost of health insurance premiums for a plan Tommy purchased through the Marketplace. Half the amount of the self-employment taxes reported on Tommy's Schedule SE. The cost of purchasing paper and ink cartridges for his business printer. The cost of knocking out a back wall and adding a client waiting...
Question 75 of 75. In 2018, Raj, a self-employed consultant, spent $4,500 for qualifying health coverage that he purchased dir insurance company. He is not eligible to be covered under any other insurance plan. His net profit from his hu the amount used to figure his self-employment tax, was $68,000. He had no other earned income. How much can directly from an deduct as an adjustment for self-employed health insurance? $0 $2,250
Required Information [The following information applies to the questions displayed below.) Smithers is a self-employed Individual who earns $30,000 per year in self-employment Income. Smithers pays $2,200 in annual health Insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health Insurance premlum for Smithers before any AGI limitation. a. Smithers Is single and the self-employment Income is his only source of income. Deductible as either a...
[The following information applies to the questions displayed below.) Smithers is a self-employed individual who earns $35,000 per year in self-employment income. Smithers pays $2,250 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation. d. Smithers is self-employed, and he is also married. Smithers's spouse, Samantha is employed full-time by SF Power Corporation and...
[The following information applies to the questions displayed below Smithers is a self-employed individual who earns $35,000 per year in self-employment income Smithers pays $2,250 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation. d. Smithers is self-employed, and he is also married. Smithers's spouse, Samantha, is employed full-time by SF Power Corporation and...
[The following information applies to the questions displayed below.] Smithers is a self-employed individual who earns $35,000 per year in self-employment income. Smithers pays $2,250 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation. c. Smithers is self-employed, and he is also married. Smithers's spouse, Samantha, is employed full-time by SF Power Corporation and...
Question 7 of 75. Terrell, a self-employed architect who reported a net profit on his Schedule C. paid for his health insurance out of his own pocket. He was not eligible to be covered under any other insurance plan until November 1, when he became eligible for, but opted out of his spouse's employer-sponsored plan. His total premiums paid for the year were $4,600. How much can Terrell deduct as an adjustment to income on his tax return? $767 $2,300...
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