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Question 75 of 75. In 2018, Raj, a self-employed consultant, spent $4,500 for qualifying health coverage...
Question 7 of 75. Terrell, a self-employed architect who reported a net profit on his Schedule...
Question 7 of 75. Terrell, a self-employed architect who reported a net profit on his Schedule C. paid for his health insurance out of his own pocket. He was not eligible to be covered under any other insurance plan until November 1, when he became eligible for, but opted out of his spouse's employer-sponsored plan. His total premiums paid for the year were $4,600. How much can Terrell deduct as an adjustment to income on his tax return? $767 $2,300...
Carlos is a self-employed, single taxpayer. In 2017, he earned a net profit of $50,000 from...
Carlos is a self-employed, single taxpayer. In 2017, he earned a net profit of $50,000 from his contracting business. He had no other income. He would like to claim a deduction for the $5,000 he paid in medical insurance premiums during the year. He was not eligible for coverage under any other plan. Carlos should, A. Enter this amount as an expense on Schedule C or C-EZ, B. Claim the deduction on Schedule SE, C. Claim the deduction directly on...
[The following information applies to the questions displayed below.] Smithers is a self-employed individual who earns...
[The following information applies to the questions displayed below.] Smithers is a self-employed individual who earns $35,000 per year in self-employment income. Smithers pays $2,250 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation. c. Smithers is self-employed, and he is also married. Smithers's spouse, Samantha, is employed full-time by SF Power Corporation and...
Filing a return for a tax year for which the statute of limitations has expired. Amending...
Filing a return for a tax year for which the statute of limitations has expired. Amending a tax return three years after the original return was filed. Mark for follow up Question 2 of 75. Carlos is a self-employed, single taxpayer. In 2017, he earned a net profit of $50,000 from his contracting business. He hac other income. He would like to claim a deduction for the $5,000 he paid in medical insurance premiums during the year. H was not...
[The following information applies to the questions displayed below.) Smithers is a self-employed individual who earns...
[The following information applies to the questions displayed below.) Smithers is a self-employed individual who earns $35,000 per year in self-employment income. Smithers pays $2,250 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation. d. Smithers is self-employed, and he is also married. Smithers's spouse, Samantha is employed full-time by SF Power Corporation and...
[The following information applies to the questions displayed below Smithers is a self-employed individual who earns...
[The following information applies to the questions displayed below Smithers is a self-employed individual who earns $35,000 per year in self-employment income Smithers pays $2,250 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation. d. Smithers is self-employed, and he is also married. Smithers's spouse, Samantha, is employed full-time by SF Power Corporation and...
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...
Required information [The following information applies to the questions displayed below.) Smithers is a self-employed individual...
Required information [The following information applies to the questions displayed below.) Smithers is a self-employed individual who earns $44,000 per year in self-employment income. Smithers pays $2,700 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation. a. Smithers is single, and the self-employment income is his only source of income. Deductible as a for...
Question 63 of 75. Yolanda (41), a freelance photographer, reports a net profit of $50,000 on...
Question 63 of 75. Yolanda (41), a freelance photographer, reports a net profit of $50,000 on Schedule C, Profit or Loss from Business. This is her only income. How much is Yolanda's self-employment tax? $3,825 $7,065 $7,650 O $11,000 Question 65 of 75. A self-employed taxpayer may be eligible to deduct amounts paid for medical insurance for themselves and for their families. To claim this deduction, a qualifying taxpayer should: Claim a nonrefundable tax credit based on the cost of...
• Austin works as a self-employed ride share driver. –– Austin is a cash-basis taxpayer who...
• Austin works as a self-employed ride share driver. –– Austin is a cash-basis taxpayer who materially participates in the operation of his business. He did not make any payments that would require him to file Form 1099. Austin uses business code 485990. • He received Form 1099-MISC and a Form 1099-K from the ride share company. He had an additional $3,027 in cash tip income from individual customers NOT included on the Forms 1099. • Austin provided a statement...
Question 7 of 75. Terrell, a self-employed architect who reported a net profit on his Schedule C. paid for his health insurance out of his own pocket. He was not eligible to be covered under any other insurance plan until November 1, when he became eligible for, but opted out of his spouse's employer-sponsored plan. His total premiums paid for the year were $4,600. How much can Terrell deduct as an adjustment to income on his tax return? $767 $2,300...
[The following information applies to the questions displayed below.] Smithers is a self-employed individual who earns $35,000 per year in self-employment income. Smithers pays $2,250 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation. c. Smithers is self-employed, and he is also married. Smithers's spouse, Samantha, is employed full-time by SF Power Corporation and...
Filing a return for a tax year for which the statute of limitations has expired. Amending a tax return three years after the original return was filed. Mark for follow up Question 2 of 75. Carlos is a self-employed, single taxpayer. In 2017, he earned a net profit of $50,000 from his contracting business. He hac other income. He would like to claim a deduction for the $5,000 he paid in medical insurance premiums during the year. H was not...
[The following information applies to the questions displayed below.) Smithers is a self-employed individual who earns $35,000 per year in self-employment income. Smithers pays $2,250 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation. d. Smithers is self-employed, and he is also married. Smithers's spouse, Samantha is employed full-time by SF Power Corporation and...
[The following information applies to the questions displayed below Smithers is a self-employed individual who earns $35,000 per year in self-employment income Smithers pays $2,250 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation. d. Smithers is self-employed, and he is also married. Smithers's spouse, Samantha, is employed full-time by SF Power Corporation and...
Required information [The following information applies to the questions displayed below.) Smithers is a self-employed individual who earns $44,000 per year in self-employment income. Smithers pays $2,700 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation. a. Smithers is single, and the self-employment income is his only source of income. Deductible as a for...
Question 63 of 75. Yolanda (41), a freelance photographer, reports a net profit of $50,000 on Schedule C, Profit or Loss from Business. This is her only income. How much is Yolanda's self-employment tax? $3,825 $7,065 $7,650 O $11,000 Question 65 of 75. A self-employed taxpayer may be eligible to deduct amounts paid for medical insurance for themselves and for their families. To claim this deduction, a qualifying taxpayer should: Claim a nonrefundable tax credit based on the cost of...
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