Sue is self-employed. Her net income from her business is $73,525. What is her total tax? For thi...
Sue is self-employed. Her net income from her business is $73,525. What is her total tax? For this problem, please show all of your work for credit. You will want to calculate her self-employment tax and her federal tax. You only need to calculate total tax – not a refund or amount due.
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Sue is self-employed. Her net income from her business is $73,525. What is her total tax? For thi...
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...
ion Question 12-9 (LO. 6) oan is a self-employed consultant. What is her exposure to the...
ion Question 12-9 (LO. 6) oan is a self-employed consultant. What is her exposure to the Federal self-employment tax? What tax rates that apply to Joan's profits, and the income base amounts for the year? Individuals with net earnings of 2018, the self-employment tax is 12.4percent of self-employment earnings up to portion plus 2.9 percent of the total amount of self-employment earnings for the Medicare portion. Self employed taxpayers deduct a portion of the self-employment tax un determining the self-employment...
Zahra, a self-employed, single taxpayer, reports all her income on Schedule C. During the tax interview,...
Zahra, a self-employed, single taxpayer, reports all her income on Schedule C. During the tax interview, her Tax Professional determines that Zahra may qualify for the Earned Income Credit. To confirm her eligibility for this credit, the Tax Professional should: Accept Zahra's statement of expenses with no additional questions asked. Explain to Zahra that she must report all her business income and expenses. Ignore items that might reduce Zahra's refund. Provide amounts for Zahra's business expenses typical for her line...
Alice is single and self-employed in 2020. Her net business profit on her Schedule C for...
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...
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
eBooks Calculator Discussion Question 12-9 (L0.6) Joan is a self-employed consultant. What is her exposure to...
eBooks Calculator Discussion Question 12-9 (L0.6) Joan is a self-employed consultant. What is her exposure to the Federal self-employment tax? What tax rates that apply to Joan's profits, and the income base amounts for the year? Individuals with net earnings of $ 400 or more from self employment are subject to the self-employment tax. For 2019, the self-employment tax is 15.3 X percent of self-employment earnings up to $ 1 X for the Social Security portion plus 2.9 percent of...
all 1 question Alice is single and self-employed in 2020. Her net business profit on her...
all 1 question
Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is $170,000. 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 Rasheed works for Company A, earning $431,000 in salary during 2020. Assuming he is single and has no other...
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...
Thomas is single and a self-employed architect. During 2019, Thomas’s income from his business is $150,000....
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...
1).- Anita is a self employed beautician, This year her net income reported on schedule c...
1).- Anita is a self employed beautician, This year her net income reported on schedule c was 43600. How much self employment tax must she pay on schedule SE? a) 3180 b) 6160 c)6671 d) none because her income from self employment is under 128400, Anita is not subject to the self employment tax. 2.- Which of these is NOT an eligibility requirement for the premium tax credit? a) not eligible for a government health insurance program ...
ion Question 12-9 (LO. 6) oan is a self-employed consultant. What is her exposure to the Federal self-employment tax? What tax rates that apply to Joan's profits, and the income base amounts for the year? Individuals with net earnings of 2018, the self-employment tax is 12.4percent of self-employment earnings up to portion plus 2.9 percent of the total amount of self-employment earnings for the Medicare portion. Self employed taxpayers deduct a portion of the self-employment tax un determining the self-employment...
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
eBooks Calculator Discussion Question 12-9 (L0.6) Joan is a self-employed consultant. What is her exposure to the Federal self-employment tax? What tax rates that apply to Joan's profits, and the income base amounts for the year? Individuals with net earnings of $ 400 or more from self employment are subject to the self-employment tax. For 2019, the self-employment tax is 15.3 X percent of self-employment earnings up to $ 1 X for the Social Security portion plus 2.9 percent of...
all 1 question
Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is $170,000. 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 Rasheed works for Company A, earning $431,000 in salary during 2020. Assuming he is single and has no other...
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...
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