Ans:
13. The correct answer is (d) $9891
Explanation:
Gross Income from Mr. Lawsons consulting business | $210000 |
Less: Expenses relating to Mr. Lawsons consulting business | ($140000) |
Net Income from Business | $70000 |
Incom subject to self employmnt tax (92.35% of Net income) | $64645 |
Self employment tax $70000 * 15.3% (15.3% upto $137700) | $9891 |
14. The correct answer is (d) $220000
Explanation:
Salary Mr. Lawson | $90000 | |
Salary Mrs. Lawson | $60000 | |
Gross Income from Mr. Lawsons consulting business | $210000 | |
Less: Expenses relating to Mr. Lawsons consulting business | ($140000) | $70000 |
Interest received from municipal bonds (Tax free) | $0 | |
Less: Itemzed deduction | $0 | |
Adjusted Gross Income | $220000 |
15. The correct answer is (d) $40179
Explanation:
Tax rates in 2018
Taxable income is between | Tax Rate | Calculation | Tax liability |
$0-$19050 | 10% of taxable Income | $1905 | $1905 |
$19051-$77400 | $1905 + 12% of the amount over $19050 | $1905 +($77400-$19050)*12% | $8907 |
$77401-$165000 | $8907 + 22%of the amount over $77400 | $8907 + ($165000-$77400) | $28179 |
$165001-$315000 | $28179 + 24% of the amount over $165000 | $28179 + (24% of $50000) = | $40179 |
C Solved: Social Secur.. 0 Pearson's Federal T... Sign in to your acco.. NOTE: Use the...
NOTE: Use the following information to answer Questions 13-15. 13 15. ASSUME that taxable income is $215,000. What is the regular income tax liability? a.$ 51,600 b. $ 75,250 C. $ 50,940 d. $ 40,179 e. None of the above question is above in picture..this part has 3 question with the same problem....please read picture and answer the 3 questions pleas 50.000 the following Information to answer Questions 13-15 and Mrs Lawson have the following tax information for 2018 and...