Robin (32) is the sole proprietor of a sushi restaurant. In 2022, she made SEP-IRA contributions on behalf of herself and three employees. Her contributions were made inthe following amounts: $6,000 in employer contributions for her employees. $3,500 in employer contributions to her own SEP IRA. How much will Robin deduct onSchedule 1 (Form 1040), line 16 (Self-employed SEP, SIMPLE, and qualified plans) ? $0 $3,500 $6,000 $9,500

A sole proprietorship is an unincorporated, unregistered business that is owned and operated by a…

Answered: Robin (32) is the sole proprietor of a…

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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Yanni, who is single, provides you with the following information for 2021: Salary State income taxes Mortgage interest expense on principal residence Charitable contributions. 2,564 Interest income 1,923 Click here to access the exemption table. If required, round your answers to the nearest dollar. Compute the following: a. Yanni's taxable income: b. Yanni's AMT base: $128,200 12,820 11,538 c. Yanni's tentative minimum tax: X Incorrect
Please don't copy from bartleby and don't give handwritten answer ..thanku
Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2021). In 2021, his net Schedule C income was $300,000. This was his only source of income. This year, Reggie is considering setting up a retirement plan. What is the maximum amount he may contribute to the self-employed plan in each of the following situations? (Round your intermediate calculations to the nearest whole dollar amount.) a. He sets up a SEP IRA. b. He sets up an individual 401(k).
Lewis and Laurie are married and jointly own a home valued at $262,000. They recently paid off the mortgage on their home. The couple borrowed money from the local credit union in January of 2022. How much interest may the couple deduct in each of the following alternative situations? (Assume they itemize deductions no matter the amount of interest.) Note: Leave no answer blank. Enter zero if applicable. Required: The couple borrows $62,000, and the loan is secured by their home. The credit union calls the loan a "home equity loan." Lewis and Laurie use the loan proceeds for purposes unrelated to the home. The couple pays $3,800 interest on the loan during the year, and the couple files a joint return. The couple borrows $154,000, and the loan is secured by their home. The credit union calls the loan a "home equity loan." Lewis and Laurie use the loan proceeds to add a room to their home. The couple pays $6,300 interest on the loan during the year, and the couple files a joint…
Faith, a single taxpayer, age 81, forgot to take her 2021 required minimum distribution (RMD) from her traditional IRA. Her account balance on December 31, 2020, was $240,000. What is her excess accumulations penalty? $24,000 $13,408 $6,704 $0
Suni, age 21, is a full-time student at the University and is a dependent of her parents. She had earned income of $2,000 from a part-time job. In addition, she had $950 interest from a savings account. She had total itemized deductions of $200 in the current year. What is Suni's taxable income this year? Question 3 options: a. $550. b. $950. c. $2,000 d. $2,950.
Mr. Gilbert is self-employed and makes annual contributions to a SEP plan. Ms. Gilbert's employer doesn't offer any type of qualified retirement plan. Each spouse contributes the maximum $6,000 to a traditional IRA. Required: a. Compute the AGI on their joint return if AGI before an IRA deduction is $144,000. b. Compute the AGI on their joint return if AGI before an IRA deduction is $210,100. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Compute the AGI on their joint return if AGI before an IRA deduction is $210,100. $198,100 AGI
Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income was $314,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Problem 13-85 Part a (Algo) a. She sets up a SEP IRA. Maximum contribution
For each situation listed indicate the amount to be included in income for current year. The federal interest rate of 5.5% is in effect. Linda collected $42,000 on a life insurance policy from her husband, Leon's death. The insurance policy was provided by Leon's employer, and the premiums were excluded from Leon's gross income as group term life insurance. The policy face value was $40,000.
Mark's gross annual salary is $64,891 with biweekly paychecks. If he is married and has 3 dependent children, compute the biweekly withholding his employer will send to the IRS. Use the following information: • Biweekly allowance: $165.38 per person.
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