Exercise 12-24 (LO. 6)In 2022, Miranda records net earnings from self-employment of $168,500. She has no other income. Determine the amount of Miranda'sself-employment tax and her AGI income tax deduction.In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearestwhole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar.Miranda's self-employment tax isX and she has a $X deduction for AGI.Feedback✓ Check My WorkThe tax on self-employment income is levied to provide Social Security and Medicare benefits (old age, survivors, and disability insurance andhospital insurance) for self-employed individuals.

In the self employment you are the employee and employer also both parts are to be paid by self…

Answered: In 2022, Miranda records net earnings…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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For 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 = $
Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $10,000. c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $500, and her interest income is $125. d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions. Please use Microsoft Excel using functions and formulas as appropriate.
In 2022, Jasmine and Thomas, a married couple, had taxable income of $162,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $152,000 and Thomas would have reported taxable income of $10,000. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar.
Problem 14-08 (Static) [LO 14-5] Mr. Olaf earned an $89.000 salary, and Mrs. Olaf earned a $40,330 salary. The couple had no other income and can't itemize deductions. Assume the taxable year is 2021. Use Individual Tax Rate Schedules and Standard Deduction Table Required: a. Compute their combined tax if they choose to file separate returns. b. Compute their tax if they file a joint return. Complete this question by entering your answers in the tabs below. 4 Required A Required B Compute their combined tax if they choose to file separate returns. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Mr. Olaf's Tax Mrs. Olaf's Tax Combined tax S s S Answer is complete but not entirely correct. Amount 12,880 X 3.200 10,089 Required 8 >
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.
In 2022, Miranda records net earnings from self-employment of $102,000. She has no other income. Determine the amount of Miranda's self-employment tax. $15,825.10 $15,606.00 $14,412.14 $11,680.43 $12,325.54 $15,300
Jasmine Dayne (29) is filing as a single taxpayer. In 2020, she received income from the following sources: $39,000 in wages. Alimony payments totaling $14,328. Her divorce was finalized in October 2019. Unemployment compensation of $6,200. Jasmine also made a timely $2,000 contribution to a traditional IRA for 2020.She had no other income or adjustments, and she will claim the standard deduction.To assist you in answering questions about Jasmine’s tax return, you may refer to Part I of Schedule 1, Additional Income and Adjustments to Income, which is shown below.Part I Additional Income1 Taxable refunds, credits, or offsets of state and local income taxes. ________2a Alimony received. _________2b Date of original divorce or separation agreement (see instructions). _________3 Business income or (loss). Attach Schedule C. _________4 Other gains or (losses). Attach Form 4797. ________5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E.…
Kana is a single wage earner with no dependents and taxable income of $168,700 in 2020. Her 2019 taxable income was $155,000 and tax liability was $31,375. Calculate Kana's 2020 income tax liability and the minimum required 2020 annual payment necessary to avoid any penalty. Round your answers to two decimal places. Click here to access the income tax rate schedules. Kana's 2020 income tax liability: Kana's minimum required 2020 annual payment necessary to avoid any penalty:
Purple Company has $200,000 in net income for 2020 before deducting any compensation or other payment to its sole owner, Kirsten. Kirsten is single and she claims the $12,400 standard deduction for 2020. Purple Company is Kirsten's only source of income. Ignoring any employment tax considerations, compute Kirsten's after-tax income for each of the following situations. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the corporate tax rate is 21%. When required, carryout intermediate tax computations to the nearest cent and then round your final tax liability to the nearest dollar. a. Purple Company is a proprietorship and Kirsten withdraws $50,000 from the business during the year; Kirsten claims a $37,520 deduction for qualified business income. Kirsten's taxable income is $, and her after-tax income is $. b. Purple Company is a C corporation and the corporation pays out all of its after-tax income as a dividend to Kirsten.…
Lucinda is a self-employed veterinarian in 2019. Her Schedule C net earnings are $86,000 for the year. Calculate the total amount of Lucinda's self-employment tax liability for 2019
Use the information provided to answer questions about the taxpayer's 2021 return. - Jasmine Dayne (29) is filing as a single taxpayer. In 2021, she received income from the following sources: $39,000 in wages. Alimony payments totaling $14,328. Her divorce was finalized in October 2020. Unemployment compensation of $6,200. Jasmine also made a timely $2,000 contribution to a traditional IRA for 2021.She had no other income or adjustments, and she will claim the standard deduction. Question 1 What amount should Jasmine report for other income? Her partially completed Form 1040, page 1, is shown below. You may use the form, as well as refer to Schedule 1 (Form 1040) when answering this question. $0 $6,200 $20,528 $22,528 Question 2 What is Jasmine's adjusted gross income? Her partially completed Form 1040, page 1, is shown below. You may use the form to assist you in answering this question.
in 2018, miranda records net earnings from self-employment of $146,000. she has no other income. determine the amount of miranda's self-employment tax and her for agi income tax deduction. in your computations round all amounts to two decimal places. round your final answers to the nearest dollar. miranda's self-employment tax is $fill in the blank 1 and she has a $fill in the blank 2 deduction for agi.

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