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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5 X100 ry https://ng.cengage.com/static/nb/ui/evo/index.html?deploymentld-5829202317504197666520360810&eISBN=97... A S CENGAGE | MINDTAP I Chapter 4 Assignment Maria is a divorce attorney who practices law in San Francisco. She wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $500 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $4,500 and never have to pay annual membership dues. Obviously, the lifetime membership isn't a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it it's a great deal. Suppose that the appropriate annual interest rate is 8.5%. O 13 years O 15 years What is the minimum number of years that…
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5 X100 ry https://ng.cengage.com/static/nb/ui/evo/index.html?deploymentld-5829202317504197666520360810&eISBN=97... A S CENGAGE | MINDTAP I Chapter 4 Assignment Maria is a divorce attorney who practices law in San Francisco. She wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $500 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $4,500 and never have to pay annual membership dues. Obviously, the lifetime membership isn't a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it it's a great deal. Suppose that the appropriate annual interest rate is 8.5%. O 13 years O 15 years What is the minimum number of years that…
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