Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 13, Problem 22CE
To determine
Calculate the amount of M’s self-employment tax and her for AGI income tax deduction.
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Chapter 13 Solutions
Individual Income Taxes
Ch. 13 - Prob. 1DQCh. 13 - LO.2 Clint, a sell-employed engineering...Ch. 13 - Prob. 3DQCh. 13 - Prob. 4DQCh. 13 - Prob. 5DQCh. 13 - LO.4 Mark and Lisa are approaching an exciting...Ch. 13 - Prob. 7DQCh. 13 - Prob. 8DQCh. 13 - Prob. 9DQCh. 13 - Describe the two additional Medicare taxes that...
Ch. 13 - Prob. 11CECh. 13 - Prob. 12CECh. 13 - LO.3 During 2019, Lincoln Company hires seven...Ch. 13 - Prob. 14CECh. 13 - Samuel and Annamaria are married, file a joint...Ch. 13 - Prob. 16CECh. 13 - Prob. 17CECh. 13 - LO.4, 8 Ava and her husband, Leo, file a joint...Ch. 13 - Prob. 19CECh. 13 - Prob. 20CECh. 13 - LO.5 In 2019, Bianca earned a salary of 164,000...Ch. 13 - Prob. 22CECh. 13 - LO.7 Determine the additional Medicare taxes for...Ch. 13 - Prob. 24PCh. 13 - LO.2 Oak Corporation has the following general...Ch. 13 - Prob. 26PCh. 13 - Prob. 27PCh. 13 - Prob. 28PCh. 13 - Prob. 29PCh. 13 - Prob. 30PCh. 13 - LO.4 Jason, a single parent, lives in an apartment...Ch. 13 - LO.4, 8 Joyce, a widow, lives in an apartment with...Ch. 13 - Prob. 33PCh. 13 - Prob. 34PCh. 13 - Prob. 35PCh. 13 - Prob. 36PCh. 13 - Prob. 37PCh. 13 - Prob. 38PCh. 13 - LO.5 During 2019, Greg Cruz (1401 Orangedale Road,...Ch. 13 - Prob. 40PCh. 13 - Jane, who is expecting to finish college in May...Ch. 13 - Julie, being self-employed, is required to make...Ch. 13 - Prob. 43PCh. 13 - Beth R. Jordan lives at 2322 Skyview Road, Mesa,...Ch. 13 - Prob. 45CPCh. 13 - Ashby and Curtis, married professionals, have a...Ch. 13 - Prob. 2RPCh. 13 - Prob. 4RPCh. 13 - Prob. 1CPACh. 13 - Prob. 2CPACh. 13 - Prob. 3CPACh. 13 - Prob. 4CPACh. 13 - Prob. 5CPA
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- Which of the following is not a deduction for AGI? a. Alimony paid for a divorce finalized in 2018. b. Business rent on a self-employed business. c. Property taxes paid on your primary residence. d. One half of self-employment tax.arrow_forwardDuring the 2019 tax year, Brian, a single taxpayer, received $ 7,400 in Social Security benefits. His adjusted gross income for the year was $14,500 (not including the Social Security benefits) and he received $ 30,000 in tax-exempt interest income and has no for-AGI deductions, Calculate the amount of the Social Security benefits that Brian must include in his gross income for 2019. SIMPIFIED TAXABLE SOCIAL SECURITY WORKSHEET (FOR MOST PEOPLE) 1. Enter the total amount of Social Security income. 2. Enter one-half of line 1 3. Enter the total of taxable income items on Form 1040 except Social Security income. 4. Enter the amount of tax-exempt interest income. 5. Add lines 2,3, and 4 6. Enter all adjustments for AGl except for student loan interest, the domestic production activities deduction, and the tuition and fees deduction. 7. Subtract line 6 from line 5 . If zero or less, stop here, none of the Social Security benefits are taxable. 8. Enter $ 25,0001 $ 32,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 9. Subtract line 8 from line 7 . If zero or less, enter -0 - Note: If line 9 is zero or less, stop here; none of your benefits are faxable. Otherwise, go on to line 10 10. Enter $ 9,0001 $12,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 11. Subtract line 10 from line 9. If zero or less, enter -0 -. 12. Enter the smaller of line 9 or line 10 . 13. Enter one-half of line 12 14. Enter the smaller of line 2 or line 13 . 15. Multiply line 11 by 85 (. 85 ). If line 11 is zero, enter -0 -. 16. Add lines 14 and 15 17. Multiply line 1 by 85(.85) 18. Taxable benefits. Enter the smaller of line 16 or line 17 . 1.____________ 2.____________ 3.____________ 4.____________ 5.____________ 6.____________ 7.____________ 8.____________ 9.____________ 10.____________ 11.____________ 12.____________ 13.____________ 14.____________ 15.____________ 16.____________ 17.____________ 18.____________arrow_forwardCompute 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.arrow_forward
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