For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files t...
For each of the following individuals, calculate the applicable
self-employment tax. Assume that each individual files tax returns
under Married Filing Jointly status.
NOTE: For simplicity, all calculations throughout
this exercise, both intermediate and final, should be rounded to
two decimal places at each calculation.
1: Annabelle Jefferson earns net self-employment income of $43,500. She does not work a second job.
Self-Employment tax = ______
2: Alexander Ryan earns net self-employment income of $115,000.
He works a second job from which he receives FICA taxable earnings
of $44,000.
Self-Employment tax = ______
3: Morgan Cruise earns net self-employment income of $221,000.
She works a second job from which she receives FICA taxable
earnings of $103,700.00.
Self-Employment tax = ______
Homework Answers
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For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files t...
How to solf self-employment Tax
Elisa Grant earns net self-employment income of $198,000. She works a second job from which she receives FICA taxable earnings of $83,000. So, what will be self-employment tax?
so the threshold in my book says to use $128,400 and then it says to subtract...
so the threshold in my book says to use $128,400 and then it
says to subtract the FICA amount from the threshold and then
multiply that by the full tax rate of 15.3% and then the rest of
her earnings by 2.9% and then add that up, it worked for the second
question but for this one is keeps saying im wrong, plz show steps
!
mercise 9 Completed 9 Out of 9 CALENDAR | CALCULATOR CHECK MY WORK SAVE...
Example 3-5 George Talbot receives wages amounting to $106,700. His net earnings from self-employment amount to...
Example 3-5 George Talbot receives wages amounting to $106,700. His net earnings from self-employment amount to $28,600. Talbot must count $26,200 of his earnings in determining taxable self-employment income for OASDI taxes. OASDI Taxable Wage Base Wages Received OASDI Taxable Self-Employment Income $132,900 $106,700 $26,200 Ralph Henwood was paid a salary of $77,800 during 20-- by Odesto Company. In addition, during the year Henwood started his own business as a public accountant and reported a net business income of $66,000...
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.
Brooke, a single taxpayer, works for Company A for all of 2019, earning a salary of...
Brooke, a single taxpayer, works for Company A for all of 2019, earning a salary of $62,000. a. What is her FICA tax obligation for the year? b. Assume Brooke works for Company A for half of 2019, earning $62,000 in salary, and she works for Company B for the second half of 2019, earning $102,000 in salary. What is Brooke's FICA tax obligation for the year? (Round your intermediate calculations to the nearest whole dollar amount.) Kyle, a single...
Required information (The following information applies to the questions displayed below.] Lacy is a single taxpayer....
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...
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...
Self-Study Problem 1.4 Indicate by for 2018 in each of the following independent siftuations: See Appendix...
Self-Study Problem 1.4 Indicate by for 2018 in each of the following independent siftuations: See Appendix E for Solutions to Self-Study Problems a check mark whether the following taxpayers are required to file a return Filing Required? Yes No 1. Taxpayer (age 45) is single with income of $10,000. 2. Husband (age 67) and wife (age 64) have an income of $25,000 and file a joint return. 3. Taxpayer is a college student with a salary from a parttime job...
Note: This problem is for the 2018 tax year. Janice Morgan, age 24, is single and...
Note: This problem is for the 2018 tax year. Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In January 2018, Janice opened her own office located at 2751 Waldham Road, Pleasant Hill, NM 88135. She called her business Writers Anonymous. Janice is a cash basis taxpayer. She lives at 132 Stone Avenue, Pleasant Hill, NM 88135. Her Social Security number is 123-45-6789. Janice's parents continue to provide health insurance for her under their...
so the threshold in my book says to use $128,400 and then it
says to subtract the FICA amount from the threshold and then
multiply that by the full tax rate of 15.3% and then the rest of
her earnings by 2.9% and then add that up, it worked for the second
question but for this one is keeps saying im wrong, plz show steps
!
mercise 9 Completed 9 Out of 9 CALENDAR | CALCULATOR CHECK MY WORK SAVE...
Example 3-5 George Talbot receives wages amounting to $106,700. His net earnings from self-employment amount to $28,600. Talbot must count $26,200 of his earnings in determining taxable self-employment income for OASDI taxes. OASDI Taxable Wage Base Wages Received OASDI Taxable Self-Employment Income $132,900 $106,700 $26,200 Ralph Henwood was paid a salary of $77,800 during 20-- by Odesto Company. In addition, during the year Henwood started his own business as a public accountant and reported a net business income of $66,000...
Brooke, a single taxpayer, works for Company A for all of 2019, earning a salary of $62,000. a. What is her FICA tax obligation for the year? b. Assume Brooke works for Company A for half of 2019, earning $62,000 in salary, and she works for Company B for the second half of 2019, earning $102,000 in salary. What is Brooke's FICA tax obligation for the year? (Round your intermediate calculations to the nearest whole dollar amount.) Kyle, a single...
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...
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...
Self-Study Problem 1.4 Indicate by for 2018 in each of the following independent siftuations: See Appendix E for Solutions to Self-Study Problems a check mark whether the following taxpayers are required to file a return Filing Required? Yes No 1. Taxpayer (age 45) is single with income of $10,000. 2. Husband (age 67) and wife (age 64) have an income of $25,000 and file a joint return. 3. Taxpayer is a college student with a salary from a parttime job...
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