1. Avery earns $75,000 as a professor. At Pace University. In addition, she earns $135,000 from her consulting practice that she owns. The 135,000 is considered self-employment income. During the year she also earned $25,000 of long-term capital gains, $12,000 of interest income, $14,000 of dividend income and incurred a $6,000 loss on the sale of her car that was used for personal purposes. She had no other items of income or expense relevant for tax purposes. How much FICA will Avery have to pay for the year? How much net investment income tax will she have to pay?

1. Avery earns $75,000 as a professor. At Pace University. In addition, she earns $135,000 from her consulting practice that she owns. The 135,000 is considered self-employment income. During the year she also earned $25,000 of long-term capital gains, $12,000 of interest income, $14,000 of dividend income and incurred a $6,000 loss on the sale of her car that was used for personal purposes. She had no other items of income or expense relevant for tax purposes. How much FICA will Avery have to pay for the year? How much net investment income tax will she have to pay?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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