Question: Max Coen is employed as a full time police officer by
Max Coen is employed as a full-time police officer by the Memphis Police Department. He is required to abide by the department’s rules of conduct, which apply whether he is on-duty or off-duty. With the department’s permission, Max “moonlights” as a security guard for several public school districts. While serving as a security guard, he is required to wear his police uniform and to carry police equipment (gun, handcuffs, etc.). The school districts pay security guards on an hourly basis and do not withhold income tax or payroll tax. This year, Max earned a $32,000 salary from the city of Memphis and $8,100 wages from the school districts. Do Max’s wages constitute net earnings from self-employment on which he must pay SE tax?
Relevant QuestionsHerold had been a calendar year S corporation since 1990. On October 10, 2014, Mrs. Hughes sold 18 shares of Herold stock to a foreign partnership, thereby terminating Herold’s S election. Herold’s taxable income for the ...Marla recently inherited $50,000 and is considering two alternatives for investing these funds. Investment A is stock of a C corporation, expected to pay annual dividends of 8 percent. Investment B is stock of an S ...Landover Corporation is looking for a larger office building to house its expanding operations. It is considering two alternatives. The first is a newly constructed building at a cost of $6 million. It would require only ...Northup was incorporated on January 1, 2010, and adopted a calendar year for tax purposes. It had the following gross receipts for its first six taxable years: 2010 ……………. $4,282,000 2011 ……………. ...Griffin Corporation received $50,000 of dividend income from Eagle, Inc. Griffin owns 5 percent of the outstanding stock of Eagle. Griffin’s marginal tax rate is 35 percent. a. Calculate Griffin’s allowable ...
Post your question