Get correct answer general accounting question A self-employed consultant operating as a sole proprietorship has businessrevenue of $95,000 and business expenses of $65,000 in the tax year. Theconsultant also earns $12,000 from a teaching position at a local college.What is the consultant's tax liability if their marginal tax rate is 22% andthe self-employment tax rate is 15.3%?a. $9,240b. $14,382c. $5,142d. $23,622

Step 1: Definition of Tax LiabilityTax liability is the total amount of taxes owed to the…

Answered: A self-employed consultant operating as…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter15: Choice Of Business Entity—other Considerations

Section: Chapter Questions

Problem 72P

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Lori Kinmark works as a jeweler for a local company. She earns 1,000 per week, plus a year-end bonus of 2,000. Kinmark also earns an additional net self-employment income of 28,000 per year. ____1.Compute Kinmarks annual earnings from employment. ____2.Compute Kinmarks total earnings from her job and from self-employment income. ____3.How much self-employment income should Kinmark include in computing taxable self-employment income for OASDI taxes? ____4.What are the total FICA taxes on her self-employment earnings?
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explain thoroughly why there is no fringe benefit tax expense for the two middle staff or rank and file employees
For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA and income tax. Assume that the individual is single and takes the standard deduction. A womanearned a salary of $27,000 and received $1000 in interest. Tax Rate Single 10% up to $9325 15% up to $37,950 25% up to $91,900 28% up to $191,650 33% up to $416,700 35% up to $418,400 39.6% above $418,400 Standard deduction $6350 Exemption (per person) $4050 Let FICA tax rates be 7.65%on the first $127,200 of income from wages, and 1.45% on any income from wages in excess of $127,200. Her income tax is $_____.
Accounting
A sole proprietor who earned a net profit from their business may be eligible for whichbof the following tax benefits A deduction of up to 20% of gross incomr from sources including wages and investments A deduction of up to 20% of qualified business income A more favorable tax rate of 0% 15% or 20% on net profit from business A flat corporate tax rate 21% on net profit from business
Where tax due get and how did they get excess (700,000-400,000)*25%. See photo for information.
For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA and income tax. Assume that the individual is single and takes the standard deduction. A man earned a salary of $27,000 and received $1250 in interest. Tax Rate Single 10% up to $9325 15% up to $37,950 25% up to $91,900 28% up to $191,650 33% up to $416,700 35% up to $418,400 39.6% above $418,400 Standard deduction $6350 Exemption (per person) $4050 Let FICA tax rates be 7.65%on the first $127,200 of income from wages, and 1.45% on any income from wages in excess of $127,200. His total FICA tax is $____.
How much is the total income tax of Ana assuming she opted to be taxed at 8%? (base it on the picture given) P321,500 P342,500 P351,500 P358,000
a. Hunter Corporation has $250,000 in gross income, $125,000 in deductible business expenses, and a $12,000 business tax credit. Determine the corporation's net tax liability. b.Maria is a single individual with taxable income of $75,000 in 2018. What marginal tax rate should she use to determine the tax savings from a $2,000 deductible expense? c. Denise files her 2018 tax return on February 4, 2019. If there is no material understatement of income on her return and the return is properly signed and filed, when does the statute of limitations expire for Denise's 2018 tax return?
Suppose you made $59,065 of income from wages and $639 of taxable interest. You also made contributions of $2700 to a tax deferred retirement account. You have 1 dependents and file as single. The standard deduction is 12800 and the exemption amount is 4400 per exemption. What is your Gross Income? Answer to the nearest dollar. hp
Subject :- Accounting Required information [The following information applies to the questions displayed below.] Nicole's employer, Poe Corporation, provides her with an automobile allowance of $24,000 every other year. Her marginal tax rate is 32 percent. Answer the following questions relating to this fringe benefit. b. What is Poe's after-tax cost of providing the auto allowance? X Answer is complete but not entirely correct. wrong answers - $16,320 - $15,600 - $7,320

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