Melissa has $90,000 in salary from her full-time position and $40,000 in net income in 2018 from
Question:
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?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
Melissa pays 5652 and deducts 2826 Melissa first multiplies he...View the full answer
Answered By
Saleem Abbas
Have worked in academic writing for an a years as my part-time job.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Taxation For Decision Makers 2019
ISBN: 9781119497288
9th Edition
Authors: Shirley Dennis Escoffier, Karen A. Fortin
Question Posted:
Students also viewed these Business questions
-
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?
-
George has $78,200 in salary from his full-time position and $43,000 in net income in 2013 from his sole proprietorship. What must he pay for self-employment tax? What portion of this can he deduct?
-
George has $91,700 in salary from his full-time position and $43,000 in net income in 2018 from his sole proprietorship. What is his self-employment tax? What portion of this can he deduct?
-
If the owner of a company takes merchandise for personal use, what account is debited? a. Owners capital b. Owners withdrawals c. Purchases d. Cash
-
Trace each step in the pathway from a taste receptor to the interpreting center of the cerebrum.
-
Newcomb Manufacturing Company was started on January 1, 2018, when it acquired $5,000 cash from the issue of common stock. During the first year of operation, $1,600 of direct raw materials was...
-
Refer to the data for E5-28B. However, instead of the FIFO method, assume that Underwater Way uses the average cost method. Requirements 1. Prepare a perpetual inventory record for the watches on the...
-
Retailers Nordstrom and Walmart are positioned very differently in the marketplace. Using the characteristics of store retailers addressed in the chapter, which includes merchandise assortment, level...
-
Isabella purchased 100 shares of LULULEMON Stock at $380 per share and sold it at $360 per share one year later. What is her return on investment?
-
Ling Corp. deposits all receipts intact and makes all payments by cheque. The following information is available from the cash records: Instructions a. Determine the amount of deposits in transit and...
-
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...
-
Luis operates a bakery as a sole proprietorship which generated $280,000 in net income. He has four bakers whom he employs on a full-time basis and who participate in a company-paid health insurance...
-
Let A k denote the kth leading submatrix of a symmetric positive-definite matrix A. Prove that det (Ak)/ det(A k - 1 ) is the kth pivot during LU decomposition, where, by convention, det(A) = 1.
-
What is one way to increase the value of syndicated data?
-
Should the right to a trial by jury be limited to only serious offenses, or should it be guaranteed regardless of the level of offense?
-
Why is it desirable to use multiple sources of secondary data?
-
Describe the information provided by industry services.
-
Should juries be given less discretion to interpret evidence and establish the facts of the case? How do you ensure that a juror doesn't get influenced by the media?
-
Use the Cash table above to show the output for the following SQL query: SELECT Account#, Balance FROM Cash WHERE Balance < 50000; Cash Account# Type Bank Balance Checking Boston5 BA-6 253 BA-7...
-
Ann hires a nanny to watch her two children while she works at a local hospital. She pays the 19 year-old nanny $125 per week for 48 weeks during the current year. a. What is the employers portion of...
-
Describe the types of expenses that were allowed as miscellaneous itemized deductions for 2017. What limitation was imposed on these expenses? When will this expense category be reinstated?
-
What is a casualty loss? Explain the limits that apply to deductibility of this type of loss.
-
Which itemized deductions must exceed a basic minimum (floor) before the taxpayers taxable income is reduced for the excess? Contrast ceiling and limitations for itemized deductions. Provide an...
-
Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Balance Sheet December 31 of current year Liabilities and Equity $...
-
Vance Refrigeration, Inc. Income Statement For Year Ended December 3 1 , 2 0 2 3 NOTES related to the book - tax differences: 1 . ) ?MACRS depreciation for 2 0 2 3 ?is $ 1 , 6 5 5 , 0 0 0 2 . ) ?The...
-
The following information applies to the questions displayed below. On January 1 , 2 0 2 4 , ?the Allegheny Corporation purchased equipment for $ 1 5 0 , 0 0 0 . ?The estimated service life of the...
Study smarter with the SolutionInn App