john has $55,000 of self employment earnings from a sole proprietorship. John is also employed part...
john has $55,000 of self employment earnings from a sole proprietorship. John is also employed part time by a major corporation and is paid $25,000. Johns self employment tax for 2020 is.
Homework Answers
25000*15.3%=$3825
Here the tax rate is 12.4% and for medicare 2.9%.
So, Tax is $3825
Add Answer to:
john has $55,000 of self employment earnings from a
sole proprietorship. John is also employed part...
Problem 19-38 (LO. 2, 4, 5, 6) In 2018, Susan's sole proprietorship earns $300,000 of self-employment...
Problem 19-38 (LO. 2, 4, 5, 6) In 2018, Susan's sole proprietorship earns $300,000 of self-employment net income (after the deduction for one-half of self-employment tax). a. The maximum amount that Susan can deduct for contributions to a defined contribution Keogh plan is $ 54,000 x Feedback Check My Work Self-employed individuals (e.g., partners and sole proprietors) and their employees are eligible to receive qualified retirement benefits under the SIMPLE plans or under what are known as H.R. 10 (Keogh)...
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...
For self-employment tax purposes, which of the following is not considered earnings from self-employment? A. Guaranteed...
For self-employment tax purposes, which of the following is not considered earnings from self-employment? A. Guaranteed payment received from a partnership by a limited partner for services (s)he has performed. B. Distributive share of income from an operating partnership received by a general partner. C. Net profit of a delicatessen operated by a sole proprietor. D. Salary received by a corporate officer who is also the sole shareholder.
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
John is owner of a sole proprietorship (Bogs Dogs) and shareholder of (Cop Tops). Both of...
John is owner of a sole proprietorship (Bogs Dogs) and shareholder of (Cop Tops). Both of these companies sold capital assets and experienced a $10,000 capital loss and neither had capital income. Evaluate the entities and determine if it can be deducted, how much, and on which return will the capital loss be able to deducted to reduce his taxable income related to the entity type. Which of the following statements best describes the tax treatment allowed for each entity....
Please explain Maria a self-employed artist. During 2019, her net earnings from self-employment were $115,000. What...
Please explain Maria a self-employed artist. During 2019, her net earnings from self-employment were $115,000. What is Maria's total self-employment tax (OASDI and HI) for 2019? $16,248.98 18,236.44 $13,169.11 $17,595.00 (Not correct)
John owns a craft store. Currently the craft store is operated as a sole proprietorship and...
John owns a craft store. Currently the craft store is operated as a sole proprietorship and generates an annual operating profit of $120,000. In addition, the store earns annual dividends of $5,000 from investing excess working capital in the stock of publicly traded corporations. The stock investments typically are held for a minimum four to five months before funds are required for the business. As result of income from other business ventures and investments, John is in the 37 percent...
In 2018, Susan's sole proprietorship earns $300,000 of self-employment net income (after the deduction for one-half...
In 2018, Susan's sole proprietorship earns $300,000 of self-employment net income (after the deduction for one-half of self-employment tax). a. The maximum amount that Susan can deduct for contributions to a defined contribution Keogh plan is? b. Suppose Susan contributes more than the allowable amount to the Keogh plan. What are the consequences to her? Contributions in excess of the allowable amount under § 415 are not deductible, and they may be subject to a _______ % excise tax.
In 2020, Campbell, a single taxpayer, has $400,000 of profits (net of the deduction for self-employment...
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....
Problem 11-35 (LO. 6) In 2019, Susan's sole proprietorship earns $300,000 of self-employment net income (after the ded...
Problem 11-35 (LO. 6) In 2019, Susan's sole proprietorship earns $300,000 of self-employment net income (after the deduction for one-half of self-employment tax). Calculate the maximum amount Susan can deduct for contributions to a defined contribution Keogh plan.
Problem 19-38 (LO. 2, 4, 5, 6) In 2018, Susan's sole proprietorship earns $300,000 of self-employment net income (after the deduction for one-half of self-employment tax). a. The maximum amount that Susan can deduct for contributions to a defined contribution Keogh plan is $ 54,000 x Feedback Check My Work Self-employed individuals (e.g., partners and sole proprietors) and their employees are eligible to receive qualified retirement benefits under the SIMPLE plans or under what are known as H.R. 10 (Keogh)...
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...
John is owner of a sole proprietorship (Bogs Dogs) and shareholder of (Cop Tops). Both of these companies sold capital assets and experienced a $10,000 capital loss and neither had capital income. Evaluate the entities and determine if it can be deducted, how much, and on which return will the capital loss be able to deducted to reduce his taxable income related to the entity type. Which of the following statements best describes the tax treatment allowed for each entity....
Problem 11-35 (LO. 6) In 2019, Susan's sole proprietorship earns $300,000 of self-employment net income (after the deduction for one-half of self-employment tax). Calculate the maximum amount Susan can deduct for contributions to a defined contribution Keogh plan.
Most questions answered within 3 hours.
-
Assume one of your finals has 50 questions on it, and
lucky for you, it's all...
asked 31 minutes ago -
Rice Products in Bangladesh
Business behavior is derived in large part from the basic cultural
environment...
asked 1 hour ago -
The following base sequence is found for a mRNA fragment from
wild-type E. coli: 5'- UAUCAGUAGAUAAUGUAACC-3'...
asked 2 hours ago -
For this exercise, round all regression parameters to three
decimal places.
One of the two tables...
asked 2 hours ago -
What is the 5% level of significance for mean = 3.60, standard
deviation = 0.94, and...
asked 2 hours ago -
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 3 hours ago -
Which pair of aqueous solutions, when mixed, will form a
precipitate?
A) NaNO3 and AgC2H3O2
B)...
asked 3 hours ago -
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 6 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 7 hours ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 7 hours ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 7 hours ago -
When a metal rod is heated, not only its resistance but also its
length and cross‐sectional...
asked 7 hours ago