Question 5Melissa has $90,000 in salary from her full-time position and $40,000 in net income in2018 from consulting as an independent contractor. What is her self-employment tax?What portion of this can she deduct?Dont use Chatgpt

Melissa's self-employment income = $40,000 net income from consulting. full-time salary of $90,000…

Answered: Question 5 Melissa has $90,000 in…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 20Q: Use Figure 12.15 as a reference to answer the following questions. A. If an employee makes $1,400...

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KA. QUESTION 10 Maria is employed by a major defense contractor and earns $156,000 in 2016. She Calculates: a. The amount of Social Security taxes withheld from your income b. The amount of Medicare tax withheld from your income c. The amount of FUTA withheld from your income
QUESTION 8 Ellen, age 48, is a single taxpayer. She is self-employed. She has business profit of $50,000. She wants to make the maximum contribution to her SEP IRA. How much can she contribute? $9,294 $8,587 $10,000 $9,235
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Question content area top Part 1 Determine how much the following individual will save in taxes with the specified tax credits or deductions. Rosa is in the 28% tax bracket and claims the standard deduction. How much will her tax bill be reduced if she makes a $500 contribution to charity?
Question 2 Maggie is filing taxes as a single filer with no kids. Her gross yearly income is $169,459, and her tax deductible purchases are: • Charitable contributions: $1,959 Mortgage interest: $2,334 • Educational Expenses: $5,115 Compute her final income tax using the following information: 2021 Individual Taxpayers If Taxable Income is Between: $0-$9,950 $9,951-$40,525 $40,526-$86,375 $86.376-$164,925 $164,926-$209,425 $209,426-$523,600 $523,601 or more The Tax Due is: 10% of taxable income $995 plus 12% of the amount over $9,950 $4,664 plus 22% of the amount over $40,525 $14,751 plus 24% of the amount over $86,375 $33,603 plus 32% of the amount over $164,925 $47,843 plus 35% of the amount over $209,425 $157,804.25 plus 37% of the amount over $523,600 Round your answer to the nearest dollar. Recall the standard deduction for single filers: $12,550
LO2 Joyce Lee earns 30,000 a year. Her employer pays a matching Social Security tax of 6.2% on the first 118,500 in earnings, a Medicare tax of 1.45% on gross earnings, and a FUTA tax of 0.6% and a SUTA tax of 5.4%, both on the first 7,000 in earnings. What is the total cost of Joyce Lee to her employer? (a) 32,295 (b) 30,000 (c) 30,420 (d) 32,715
Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
Use Figure 12.15 as a reference to answer the following questions. A. If an employee makes $1,400 per month and files as single with no withholding allowances, what would be his monthly income tax withholding? B. What would it be if an employee makes $2,500 per month and files as single with two withholding allowances?
ESTIMATING TAXABLE INCOME, TAX LIABILITY, AND POTENTIAL REFUND. Hannah Owens is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned 55,000 as a sales assistant for Business Solutions: 3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of 142. She takes the standard deduction. Calculate her taxable income, tax liability, and tax refund or tax owed for 2015.
LO.5 During 2019, Greg Cruz (1401 Orangedale Road, Troy, MI 48084) works for Maple Corporation and Gray Company. He earns 90,000 at Maple Corporation, where he is a full-time employee. Greg also works part-time for Gray Company for wages of 50,000. a. Did Greg experience an overwithholing of FICA taxes? Write a letter to Greg and a memo for the tax files in which you explain your conclusion. b. Did Maple Corporation and Gray Company overpay the employers portion of FICA? Explain.
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.

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Question 5 Melissa has $90,000 in salary from her full-time position and $40,000 in net income in 2018 from consulting as an independent contractor. What is her self-employment tax? What portion of this can she deduct? Dont use Chatgpt