Carrie owns a business that she operates as a sole proprietorship. The business had a net profit
Question:
a. How much must she pay for self-employment taxes?
b. How much can she deduct on her tax return?
c. If the business had a net loss of $10,000 (instead of a $25,000 profit), how much in self-employment taxes must Carrie pay?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
a 3532 25000 x 9235 x 153 b 1...View the full answer
Answered By
Mishark muli
Having any assignments and any other research related work? worry less for I am ready to help you with any task. I am quality oriented and dedicated always to produce good and presentable work for the client once he/she entrusts me with their work. i guarantee also non plagiarized work and well researched work to give you straight As in all your units.Feel free to consult me for any help and you will never regret
4.70+
11+ Reviews
37+ Question Solved
Related Book For
Taxation For Decision Makers 2017
ISBN: 9781119330417
7th Edition
Authors: Shirley Dennis Escoffier, Karen Fortin
Question Posted:
Students also viewed these Taxation questions
-
Sarah owns a business that she operates as a sole proprietorship. The business had a net profit of $130,000 in 2018. This is Sarahs only earned income. a. How much must she pay for self-employment...
-
Karen Ragsdale owns a business that rents parking spots to students at the local university. Karens typical rental contract requires the student to pay the years rent of $450 ($50 per month) on...
-
West Coast Utilities had a net profit of $900 million. It has 900 million shares outstanding and paid annual dividends of $0.90 per share. What is the dividend payout ratio?
-
Using java language and data structure In chapter 1 you learned how to merge two sorted lists and get a third list which is also sorted. Write a method named mergeUnsortedLists in an application,...
-
In an oscillating LC circuit, L = 3.00 mH and C = 2.70F, at t = 0 the charge on the capacitor is zero and the current is 2.00 A. (a) What is the maximum charge that will appear on the capacitor? (b)...
-
Cooperton Mining just announced it will cut its dividend from \($4.27\) to \($2.67\) per share and use the extra funds to expand. Prior to the announcement, Coopertons dividends were expected to grow...
-
The life span (in kilometers) for a population of a new brand of tires can be approximated by a normal distribution, with a mean of 80,000 kilometers and a standard deviation of 1,500 kilometers. (a)...
-
Zandra Quartney is a manager/buyer in charge of purchasing childrens shoes for a large retail store chain. She is also a die-hard football fan. This year, the Super Bowl will be played in the Georgia...
-
As we discuss EBDM this week and your workplace or other organization you may know, have you been placed in a position to develop ways to energize membership to achieve set personal goals, as well as...
-
The position of a particle as a function of time is given by r(vector) = (5.0i + 4.0j)t 2 m, where t is in seconds. a. What is the particles distance from the origin at t = 0, 2, and 5 s? b. Find an...
-
Jennifer, age 35, is single and is an active participant in her employer's qualified retirement plan. Compute the maximum Roth IRA contribution that she can make in 2016 if a. Her adjusted gross...
-
George has $83,000 in salary from his full-time position and $43,000 in net income in 2016 from his sole proprietorship. What is his self-employment tax? What portion of this can he deduct?
-
On January 1, 2007 the Baznik Company adopted a defined benefit pension plan. At that time the company awarded retroactive benefits to certain employees. These retroactive benefits resulted in an...
-
As problems 5.18 and 5.19 reflect, the air temperature in the test section of conventional hypersonic wind tunnels is low. In reality, air liquefies at a temperature of about \(50 \mathrm{~K}\)...
-
A wave traveling along a rope is described by \[y(x, t)=(2.0 \mathrm{~mm}) \sin \left[\left(4.0 \mathrm{~m}^{-1} ight) x-\left(3.0 \mathrm{~s}^{-1} ight) t ight]\] (a) Calculate the amplitude,...
-
Describe the pressure of particles at points in a sound wave where the gas is (a) compressed at maximum, (b) minimally compressed.
-
Starting with Eq. (6.13), which is in conservation form, derive Eq. (6.28), which is in non-conservation form. Equation 6.13: \(\frac{\partial(ho w)}{\partial t}+abla \cdot(ho w...
-
While on a sailboat, you notice that the boat is moving up and down fifteen times periodically every minute. Find the period of oscillation and the distance between two adjacent wave crests if the...
-
The following information relates to the intangible assets of University Testing Services (UTS): a. On January 1, 2021, UTS completed the purchase of Heinrich Corporation for $3,510,000 in cash. The...
-
Write the expression in radical notation. Then evaluate the expression when the result is an integer. 23 -1/2
-
Your friend Mark suggested that you should open an Individual Retirement Account. He said that an IRA is a great way to save because you do not have to pay tax on the income from the investment and...
-
Identify the type of IRA (Roth or traditional) that would be best for a taxpayer in each of the following circumstances: a. Sharon believes she will be in a higher tax bracket when she withdraws the...
-
James and Dean plan to start a new business and have not yet decided whether to organize as a partnership, an S corporation, or a C corporation. They are interested in taking advantage of any...
-
Water flows through a pipe section that tapers from an internal diameter of 200 mm down to 100 mm over a distance of 1 m. Determine the pressure drop over the section for a flow of 0.06 m3s-1. The...
-
Calculate the binding energy per nucleon for Be, 59 Co, 208 pb, and 195 pt. (For the atomic masses, see this table. Enter your answers to at least two decimal places.) (a) Be MeV/nucleon 59 Co...
-
A.Final ProjectTeamProjectCustom Schema: 200 points Extra Credit Group of 3 people : Designer and Developer ( ERD, tables, data ) Team Leader/Power User ( Business Questions/Queries, Real Life...
Study smarter with the SolutionInn App