None Erimma is single with no dependents and had the following for 2014:Wages from Union Job$75,000Loss from sale of stock held 4 years $-2,000Qualifying Dividends$3,000Exemption Deduction$3,950Itemized Deductions$14,900How much is Erimma's taxable income?a. $57,150b. $60,150c. $58,150d.$76,000

Step 1: Introduction Taxable Income:Taxable income is the tax on the individual or organization's…

Answered: Erimma is single with no dependents and…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter1: The Individual Income Tax Return

Section: Chapter Questions

Problem 4P: In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and...

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Similar questions

Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
Give me taxable income
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For 2018, Roberta is a self-employed truck driver with earnings of $45,000 from her business. During the year, Roberta received $2,500 in interest income and dividends of $500. She also sold investment property and recognized a $1,500 gain. What is the amount of Roberta’s self-employment tax (Social Security and Medicare taxes) liability for 2018? a. $2,790 b. $3,443 c. $6,358 d. $6,885 e. $7,344
Alex earns an income of $60,000 this year as a sole proprietor. He pays the following amounts during the year: · Contribution to Roth IRA: $5,000 · Self-Employment Tax: $9,000 · Health Insurance Premiums: $3,000 What is Alex’s Adjusted Gross Income (AGI)? Group of answer choices $47,500. $51,000. $52,000. $52,500.
Jennifer is single with no dependants. During the year she had the following amounts deducted from her annual salary of $100,000: CPP ΕΙ Federal Income Tax $3,754 1,002 15,000 Based on this information, Jennifer's total federal tax credits for 2023 will be: $2,963. $919. $713. $3,074.
Janice, an unmarried individual, lives in a home with her 9-year-old son, Oscar who qualifies as her dependent. 2021tax information Net Income from self-employment $195,000. Dividend income taxed @ 15% $2800 Deduction for self employed tax $6712 Itemized deduction $14,200 (A)compute AGI, taxable income and tax liability (B)assume that in addition to the original information given above Janice paid $7000 for child care. Compute her taxable income and tax liability
Visno
John, who is single, has the following items for the current year: Wages Rental loss Interest income Capital gains NOL carryforward from 2017 Mortgage interest expense Real estate taxes State income taxes $54,200 ($76,200) $1,600 $2,400 ($13,200) $12,200 $6,000 $3,500 What is John's net operating loss for the current year? Loss
Kenneth owns Sheffield Company and has the following revenue and expenses. Calculate the after-tax net profit (ignoring self-employment tax) for Kenneth who is single in 2023. Taxable revenue received $117,000 Tax-exempt revenue received $15,000 Deductible expenses paid $23,000 Non- deductible expenses paid $5,000
Axel and Ashley ages 37, and 35, had the following income items in 2022: Salaries and wages $ 120,500 Interest income 6,000 Dividends eligible for 15% rate 4,000 Capital gain eligible for 15% rate 1,900 The couple have no dependents and claim the standard deduction. Compute their income tax liability on a joint return
Hansaben

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