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

Q: Matthew (32) will use the single filing status. In addition to earned income of $192, 000 from his…

A: As an investor, you may owe an additional 3.8% tax called net investment income tax (NIIT). But…

Q: 2. In 2016, the maximum taxable income for Social Security was S118,500 and the tax rate was 6.2%.…

A: The federal government uses Social Security levies to pay Social Security payments. Social Security…

Q: A woman earned wages of $48,200, received $2100 in interest from a savings account, and contributed…

A: Gross income - The gross income refers to the income which is earned before taxes or other…

Q: 2. Taxes paid for a given income level Suppose that Hubert is preparing to file his taxes. He is…

A: Thе marginal tax ratе is thе ratе at which an additional dollar of incomе is taxеd. In othеr words,…

Q: Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2021, she sells the…

A: Lets understand the basics. For calculating taxable income, we need to use below formula. Taxable…

Q: Ali Amanda, a resdent person for tax purposes, earned an employment income of 15,000 cedis, Business…

A: To calculate Ali Amanda's total assessable income for the year 2021, we need to consider her various…

Q: Based on this information, Jennifer's total federal tax credits for 2023 will be:

A: Federal tax credits are deductions applied to an individual's total tax liability, reducing the…

Q: What are her self-employment tax liability and additional Medicare tax liability for 2023?

A: Employment tax liability refers to the legal responsibility of an employer to pay taxes on the wages…

Q: In the 2018 tax year, Michelle paid the following amounts relating to her 2016 tax return: Tax…

A: Income tax: Income tax refers to the direct tax levied on individual person or business and…

Q: Avery, an unmarried taxpayer, had the following income items: $ 43,600 3,500 Salary Net income from…

A: The objective of the question is to calculate Avery's child tax credit and dependent care credit for…

Q: Kamryn Brown is single and earns $50,000 in taxable income and will use the following tax rate…

A: The question is related to the taxation of single individual as per the tax slab given.

Q: Stacia, a single cash basis taxpayer, received $20 in interest from her savings account, $150 in…

A: We must analyze the forms of interest income Stacia got in order to calculate the amount of taxable…

Q: Compute the 2023 standard ded

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is…

A: The taxpayer's net business profit from Schedule C is multiplied with 92.35% to calculate the income…

Q: Last year Juni earned $49,800 from her job, and $42 in interest income. Her employer withheld $4800…

A: Tax-deferred retirement account: It is an  employer-sponsored retirement savings plan , and employer…

Q: Chris and Heather are engaged and plan to get married. During 2023, Chris is a full-time student and…

A: Taxable income refers to the income on which the tax payer is liable to pay the desired tax as…

Q: are $200,000. How much is Joe's FICA tax? Note: The Social Security Wage base in 2020 was $137,700.…

A: FICA Taxes includes Social Security and Medicare Taxes. This tax is paid towards the Social Security…

Q: Miranda's self-employment tax is $ and she has a $ deduction for AGI.

A: Let's calculate Miranda's self-employment tax by following the below-given steps -Self-Employment…

Q: te is a 29-year-old single taxpayer with a modified adjusted gross income (MAGI) of $80,000. In…

A: The students take the loans for doing studies and there are deductions available on the loan…

Q: additional 0.9% Medicare tax

A: Additional medicare tax is levied on the amount over and above $2,00,000 at the rate of 0.9%. The…

Q: Compute the 2023 standard deduction for the following taxpayers. If an amount is zero, enter "0".…

A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: atitled to the standard deduction of $12,00 O a. $50,600 O b. $34,212 c. 46,212 O d. $35,434

A: Taxable income is income after standard deductions and retirement contributions.

Q: Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some…

A: Computation of Income : Income Component Amount in USD Notes Gross wages and commissions earned…

Q: Qualified Business Income (QBI

A: As per IRS rule 2022  the deduction for QBI is lower of  1]20% of the net…

Q: Janice, an unmarried individual, lives in a home with her 9-year-old son, Oscar who qualifies as her…

A: Janice filling status will be head of household as she is the single tax payer with a qualified…

Q: For the year 2023, Carolyn earned $80,000 and incurred the following expenses Moving expenses $ 500…

A: When you file your taxes each year, you can choose between taking the standard deduction or…

Q: Harry's Hairdresser is a barber shop owned by Harry who carries on his business as a sole…

A: As a sole proprietor, Harry's taxable income of $500,000 is subject to individual income tax rates.…

Q: Ms. White has net tax owing for 2017 of $4,500, net tax owing for 2018 of $8,000, and estimated net…

A: Taxes are the amount of dues and obligations which needs to be settled or paid by the business on…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.