If I am in the United States military and I was in training for three months and I generated income, where on IRS Form 1040 should I report this income?
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If I am in the United States military and I was in training for three months and I generated income, where on IRS Form 1040 should I report this income?
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- Meredith owns her own business. In 2020, she had business revenue of $268,450 and business deductions of $75,900. She had no other activity that affected her tax return.a. Calculate her self-employment tax.b. Calculate her AGI.An individual has year-to-date earnings prior to the current period of $138,500, earns $3,600 during the current period, and has a tax return filing status of single. Her self-employment taxes are $__________Ramsey Smith receives wages amounting to $93,500. His net earnings from self-employment amount to $68,600. Smith must count ________ of his earnings in determining taxable self-employment income for OASDI taxes.
- Which of the following is a deductible expense for an individual taxpayer? A) Rent payments for personal use B) Mortgage interest on a vacation home C) Childcare expenses while working D) Personal clothing purchasesFor each individual, calculate the self-employment tax. Assume that each individual files tax returns under single status. Remember, the additional Medicare Tax threshold that applies to sel-employment income is based on the employee's filing status, but to simplify the process for employers, the IRS requires that Additional Medicare Tax be withheld from all employees who earn more than $200,000 in a single year, regardless of filing status. 1: Allison Wilson earns net self-employment income of $62,700. She does not work a second job.Self-Employment tax = $ 2: Martin Hughes earns net self-employment income of $149,900. He works a second job from which he receives FICA taxable earnings of $129,200.Self-Employment tax = $ 3: Elisa Grant earns net self-employment income of $198,000. She works a second job from which she receives FICA taxable earnings of $100,400.Self-Employment tax = $For the following taxpayers, determine if they are required to file a tax return in 2022. Required: a. Ricko, single taxpayer, with gross income of $17,300. b. Fantasia, head of household, with gross income of $17,200. c. Ken and Barbie, married taxpayers with no dependents, with gross income of $22,300. d. Dorothy and Rudolf, married taxpayers, both age 68, with gross income of $24,200. e. Janyce, single taxpayer, age 73, with gross income of $13,200.
- When filing a tax return for a deceased taxpayer, which of the following individuals must use Form 1310, Statement of Person Claiming Refund Due a Deceased Taxpayer? Barrett's father died on July 25th. Barrett is his sole survivor. His father did not have a will and the court did not appoint a personal representative for his estate. Barrett's father is entitled to a $1,000 refund. Darla's mother died on February 1st. Darla is her sole survivor. Her mother did not have a will, and the court did not appoint a personal representative for her estate. Darla's mother has a balance of $1,000 due to the IRS. Mr. Smith died on May 4th before filing his tax return. On June 3rd of the same year, Mr. Jones was appointed by the court as the personal representative for Mr. Smith's estate, and he files Form 1040 for Mr. Smith. Mr. Smith is due a refund of $200. Mr. and Mrs. Lee were married when Mr. Lee died on January 4th, before filing their joint tax return. Mrs. Lee files the joint return on…If Jose had a filing status of Head of Household and a taxable income of $111,597 in the year 2015, how much did he owe for federal income tax? Do not round any intermediate computations. Round your answer to the nearest dollar. $Determine the amount of taxable income that should be reported by a cash-basis taxpayer in 2022 in each of the following independent cases: Required: a. A taxpayer completes $700 of accounting services in December 2022 for a client who pays for the accounting work in January 2023. b. A taxpayer is in the business of renting computers on a short-term basis. On December 1, 2022, she rents a computer for a $260 rental fee and receives a $650 deposit. The customer returns the computer and is refunded the deposit on December 20, 2022. c. Same facts as (b) except that the computer is returned on January 5, 2023. d. On December 18, 2022, a landlord rents an apartment for $625 per month and collects the first and last months' rent up front. It is customary that tenants apply the security deposit to their last month's rent upon moving out. e. An accountant agrees to perform $395 of tax services for an auto mechanic who has agreed to perform repairs on the car of the accountant's wife. The…
- Compute the gross income, adjusted gross income, and taxable income in the following situation. Use the exemptions and deductions in the table to the right. Explain how it was decided whether to itemize deductions or use the standard deduction. A man is single and earned wages of $63,600. He received $390 in interest from a savings account. He contributed $510 to a tax-deferred retirement plan. He had $1650 in itemized deductions from charitable contributions. Solve His gross income is $ 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) $4050Caleb is a resident of the fictional state of Vernetticut. Vernetticut begins its income tax calculation with federal adjusted gross income. Caleb may need to make an addition on his Vernetticut return if he: 1)Received income that is taxable at the federal level but not at the Vernetticut level. 2) Claimed a deduction allowed at the federal level but not allowed on the Vernetticut return. 3)Received income exempt from both federal and Vernetticut income tax. 4)Incurred an expense that is deductible at both the federal and state levels.rita, a single taxpayer, has net Schedule C income of $150,000 from a specified service trade or business (DDTB). She does not have any other business income. She also has Form W-2 income and her taxable income for the year is $221,000, before the QBI deduction. As rita's tax preparer, what information will you share with her regarding her eligibility to claim the QWBI deduction?
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