a). $195,000 x 0.9235 = $180,083
FICA Social Security Limit = $117,000 x 12.40% = $14,508
Medicare = $180,083 x 2.9% = $ 5,222
Self- employment tax = $19,730
b). Deduction for AGI = 50% x $19,730 = $9,865
In 2018, Landon has self-employment earnings of $195,000. Compute Landon's self-employment tax liability and the allowable...
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
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.
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 $ and she has a $ deduction for AGI.
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. 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. 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.
In 2018, Al, single, had self-employment income of $270,000. A.) Compute Al's self-employment tax and the amount of his deduction for self-employment taxes. B.) Compute Al's self-employment tax and the amount of his deduction for self-employment taxes if he had $90,000 of wages and $120,000 of self-employment income.
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...
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.
Mr. and Mrs. Wilson are married with one dependent child. They report the following information for 2018: Schedule C net profit $ 66,650 Interest income from certificate of deposit (CD) 2,100 Self-employment tax on Schedule C net profit 9,418 Dividend eligible for 15% rate 12,000 Mrs. Wilson's salary from Brants Company 75,000 Dependent care credit 500 Itemized deductions 27,000 Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualified business income...