JC recently graduated from veterinary school and opened their own professional practice. This year, their net profit was $31,600.Assume JC does not qualify for the QBI deduction.Required:a. Compute JC's after-tax income from their practice assuming their self-employment tax is $4,465, and their marginal income tax rateis 22 percent.

Given Data:Net profit: $31,600Self-employment tax: $4,465Marginal income tax rate: 22%Step 1:…

Answered: JC recently graduated from veterinary…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 19CE

See similar textbooks

Similar questions

Eagle Life Insurance Company pays its employees 0.30 per mile for driving their personal automobiles to and from work. The company reimburses each employee who rides the bus 100 a month for the cost of a pass. Tom collected 100 for his automobile mileage, and Mason received 100 as reimbursement for the cost of a bus pass. a. What are the effects of the above on Toms and Masons gross income? b. Assume that Tom and Mason are in the 24% marginal tax bracket and the actual before-tax cost for Tom to drive to and from work is 0.30 per mile. What are Toms and Masons after-tax costs of commuting to and from work?
JC recently graduated from veterinary school and opened their own professional practice. This year, their net profit was $22,300. Assume JC does not qualify for the QBI deduction. Required: a. Compute JC's after-tax income from their practice assuming their self-employment tax is $3,151, and their marginal income tax rate is 22 percent. b. What percentage of the federal tax burden on JC's business income is represented by the self-employment tax? Complete this question by entering your answers in the tabs below. Required A Required B What percentage of the federal tax burden on JC's business income is represented by the self-employment tax? Note: Round your answer to the nearest whole percent. Self-employment tax %
JC recently graduated from veterinary school and opened her own professional practice. Assume JC does not qualify for the QBI deduction. This year, her net profit was $27,900. a. Compute JC's after-tax income from her practice assuming her self-employment tax is $3,942, and her marginal income tax rate is 22 percent. b. What percentage of the federal tax burden on JC's business income is represented by the self-employment tax? Complete this question by entering your answers in the tabs below. Required A Required B Compute JC's after-tax income from her practice assuming her self-employment tax is $3,942, and her marginal income tax rate is 22 percent. (Round your intermediate calculations to the nearest whole dollar amount.) After-tax income
Samantha has graduated from a law school and decided to open her own professional practice. In the current year (2022), her net profit was $30,000. If Samantha's self-employment tax is $4,500 and marginal income tax rate is 22%, determine the percentage of the federal tax burden on Samantha's business income that is represented by the self- employment tax. (Round your final answer to zero decimal place) E) 42% F) 15% G) 45% H) 22%
Subject :- Accounting Required information [The following information applies to the questions displayed below.] Nicole's employer, Poe Corporation, provides her with an automobile allowance of $24,000 every other year. Her marginal tax rate is 32 percent. Answer the following questions relating to this fringe benefit. b. What is Poe's after-tax cost of providing the auto allowance? X Answer is complete but not entirely correct. wrong answers - $16,320 - $15,600 - $7,320
Mary is a self-employed attorney. a. Assuming that Mary earns $27,500 from her practice, calculate the total amount of her self-employment tax liability for 2020. b. Assuming that Mary earns $163,000 from her practice, calculate the total amount of her self-employment tax liability for 2020. In your calculations, round all calculations to the nearest two decimals. These answers do not need to be rounded to the nearest whole dollar.
Use the following information for the next three questions:Maricel started a laundry business last year. At the end of 2018, he earned a taxable income of P350,000 in total. He did not opt the 8% income tax rate.6. What is the tax rate based on the graduated tax schedule?a. 20% of the excess over P250,000b. P30,000 + 25% of the excess over P400,000c. P130,000 + 30% of the excess over P800,000d. P490,000 + 32% of the excess over P2,000,0007. What is the tax due?a. 0b. 20,000c. 55,000d. 70,0008. What is the percentage tax?a. 0b. 600c. 10,500d. 30,500
Use the following federal tax table for biweekly earnings of a single person to help answer the question below. Emeril has gross biweekly earnings of $784.21. By claiming 1 more withholding allowance, Emeril would have $13 more in his take home pay. How many withholding allowances does Emeril currently claim? a. 3 b. 4 c. 5 d. 6
Check my work mode: This shows wh Return to question Arno and Bridgette are married and have combined W-2 income of $72,441. They received a refund of $418 when they filed their taxes. How much income-tax did their employers withhold during the year? Use the tax tables. Multiple Choice О $5,345, О $4,927. $4,509. The answer cannot be determined with the information provided. www ×
Further explaination about the tax due, how to compute and where did it get? see the photo below for information.
Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $471,600 of self-employment income and Ruth has a self-employment loss of $24,700. How much 0.9 percent Medicare tax for high income taxpayers will Otto and Ruth have to pay with their 2018 income tax return? If required, round your final answer to nearest dollar.$
What is the amount of self-employment tax that would be paid by Andy for the year assuming he earned $128,100 while working as an employee of the University and another S20,000 from a sales business he owns? Select one: a. S1,190.40 b. S1,726.03 C. $535.63 d. $2,825.91 e. None of these

SEE MORE QUESTIONS

Recommended textbooks for you

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SEE MORE TEXTBOOKS