In 2022, Miranda records net earnings from self-employment of $195,200. She has no other gross income. Determine the amount ofMiranda's self-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 is s28,650 X and she has as28,650 X deduction for AGI.

Individuals who are self-employed and have received income from self-employment are subject to the…

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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Kaori, an unmarried individual with no dependent children, reports the following information. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Wages Schedule C net profit Interest from savings account Self-employment tax on Schedule C net profit Required: a. Assume that Kaori's itemized deductions total $9,000 and Schedule C net business profit is qualified business income (non-service). Compute AGI and taxable income. b. Assume that Kaori's itemized deductions total $14,000 and Schedule C net business profit is qualified business income (non-service). Compute AGI and taxable income. Complete this question by entering your answers in the tabs below. $ 65,000 11,650 500 1,646 Required A Required B Assume that Kaori's itemized deductions total $9,000 and Schedule C net business profit is qualified business income (non- service). Compute AGI and taxable income. Note: Round your intermediate calculations and final answers to the nearest whole…
In 2022, Esther paid $20,000 in state income tax, and $20,000 in real estate taxes. Esther’s filing status is Single, and she claimed the above expenses as itemized deductions. In 2022, Esther’s deduction for state and local taxes is limited to which of the following amounts on her Federal Income Tax Return? Group of answer choices $10,000 $20,000 $40,000 $0
Determine the amount of the standard deduction for each of the following taxpayers for tax year 2021: a. Christina, who is single. b. Adrian and Carol, who are filing a joint return. Their son is blind. c. Peter and Elizabeth, who are married and file separate tax returns. Elizabeth will itemize her deductions. d. Karen, who earned $1,100 working a part-time job. She can be claimed as a dependent by her parents. e. Rodolfo, who is over 65 and is single. f. Bernard, who is a nonresident alien with U.S. income. g. Manuel, who is 70, and Esther, who is 63 and blind, will file a joint return. h. Herman, who is 75 and a qualifying widower with a dependent child. a. b. C. d. e. f. g. h. Standard deduction $ $ 12,550 25,100
Cameron works as a construction worker. During the 2020 financial year, he received the amounts listed below. Advise Cameron which amounts to include in his 2020 tax return as Assessable Income. Also give reasons why amounts are to be excluded. Refer to law. Salary payments totaling $200,000 from him employer, private use of a company car provided by his employer (Taxable Value of $15,000), a bonus payment of $5,000 that was earned during May 2020, yet not paid into his bank account until 25 July 2020, a Net Capital Gain of $10,000 from selling his speedboat, (e) a total of $5,000 earned from selling handmade fishing lures – he only makes and sells the lures in his spare time and for fun.
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 >
Jason is self-employed. He has self-employment income of $100,000, and expenses of $80,000. Jason has no other income. What is the amount of Jason’s deduction (adjustment) for self-employment taxes?
During the year ended 30 June 2019 Rechelle, a resident taxpayer, received salary and wages income of $34,750 and a franked dividend of $11,800 with $3,200 of attached franking credits. She also had PAYG instalments of $15,000 withheld from her salary and wages income. She has no dependents. But she has work related allowable deductions of $5,000. Required: What will her net tax to pay or refund be (ignore Medicare levy)? All calculations must be shown as well as relevant legislation
Brooklyn files as a head of household for 2022. They claimed the standard deduction of $19,400 for regular tax purposes. Their regular taxable income was $99,750. What is Brooklyn's AMTI? AMTI Description Amount
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:
Susan files her tax return as a single person. In 2023, She had $55,850 of total income and used the standard deduction to reduce her taxable income to $42,000. Using the attached 2023 Tax Brackets calculate (1) the Federal Income Tax she will owe and (2) her Average Tax Rate. You need to use the 2023 Tax Brackets which can be found in Lecture 8, slide 9 A. Her Federal Tax is $12,287 and her Average Tax Rate is 22% B. Her Federal Tax is $4,820 and her Average Tax Rate is 12% C. Her Federal Tax is $4,820 and her Average Tax Rate is 9% D. Her Federal Tax is $5,040 and her Average Tax Rate is 12%
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.…
In 2022, Ryan files as head of household and has taxable income of $122,500. None of his taxable income consists of capital gains or qualified dividends. Using the tax rate schedule, his tax liability rounded to the nearest dollar, totals $_____. Explain.

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