1. ALICE TAX LIABILITY :-
Net Business Profit is $ 1,70,000
Self Employment tax is 15.3 % = $ 1,70,000 * 15.3 % = $ 26,010
Additional Medicare Tax is 0.9 % on income above $ 2,00,000. As the income is below $ 2,00,000, there will be no additional medicare tax.
2. RASHEED TAX LIABILITY :-
Salary Income is $ 4,31,000
FICA Tax on salary income is 7.65% = $ 4,31,000 * 7.65% = $ 32,972
Additional Medicare Tax is 0.9% = $ 2,31,000 * 0.9% = $ 2,079
3. CAROL STATE UNEMPLOYED TAX CREDIT :-
Income earned from ABC Company is $ 72,000
FUTA Tax rate is 0.8% = $ 72,000 * 0.8% = $ 576
4. EVE TAX LIABILITY :-
Compensation Payments = $ 55,000
Business Expenses = $ 7,000
Standard EDeduction = $ 12,400 ( As Eve is Single )
Taxable income = $ 42,600 ( $ 55,000 - $ 12,400)
Tax = $ 42,600 * 15.3 % = $ 53,103
all 1 question Alice is single and self-employed in 2020. Her net business profit on her...
Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is $150,000. What is her self-employment tax liability and additional Medicare tax liability for 2020? (Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability Additional medicare tax liability
Alice is single and self-employed in 2019. Her net business profit on her Schedule C for the year is $200,000. What is her self-employment tax liability and additional Medicare tax liability for 2019? (Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) $ 21,129 Self-employment tax liability Additional medicare tax liability
Eva received $63,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $11,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,000. Based on these facts answer the following questions: A. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for the year? (Round your final answer...
Eva received $60,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $5,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,000. Based on these facts answer the following questions: Use Tax Rate Schedule for reference. a. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for...
Eva received $60,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $5,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,200. Based on these facts answer the following questions: Use 2019 Tax Rate Schedule for reference. Assume that Eva is considered to be a self-employed contractor. What is her self-employment tax liability and additional Medicare tax...
Required information (The following information applies to the questions displayed below.] Lacy is a single taxpayer. In 2020, her taxable income is $43,200. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations.) b. Her $43,200 of taxable income includes $2,200 of qualified dividends. Tax liability Alice is single and self-employed in 2020. Her net business profit on...
Eva received $63,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $11,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,200. Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year?
Kiyara (single) is a 50 percent shareholder of Jazz Corporation (an S Corporation). Kiyara does not do any work for Jazz Corp. Jazz Corp. reported $300,000 of business income for the year (2020). Before considering her business income allocation from Jazz Corp. and the self-employment tax deduction (if any), Kiyara’s adjusted gross income was $250,000 (all employee salary). Answer the following questions for Kiyara. (Leave no answer blank. Enter zero if applicable.) a. Assuming the income allocated to Kiyara is...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of...
QUESTION 12 Eva received $58,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred S5,000 in business expenses relating to her work for JAZZ, Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,000. Assume that Eva is considered to be self-employed. What is her regular income tax QUESTION 13 Trey has two dependents, his two daughters, ages 14 and 17, at year-end. Trey files a joint...