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.
Tina Chatwood is single with no dependants. During the year she had the following amounts deducted from her salary of $70,000: CPP premiums 2,898 El premiums 856 Income tax 4,300 Based on this information, what amount is closest to Tina's total federal tax credits for 2020 that can be claimed on her return. $0 $750 $2,734 $2,547
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
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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
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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
Lyndon, age 24, has a nonworking spouse and earns wages of $36,000 for 2019. He also received rental income of $5,000 and dividend income of $900 for the year. What is the maximum amount Lyndon can deduct for contributions to his and his wife's individual retirement accounts for the 2019 tax year? a. $11,000b. $6,000c. $12,000d. $12,000e. None of the above
Hansaben

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