Anita, a single taxpayer, reports the following items for 2013: Salary (subject to withholding) ......................................................... $20,000 Income
Question:
Anita, a single taxpayer, reports the following items for 2013:
Salary (subject to withholding) ......................................................... $20,000
Income for serving on the Board of Directors for XYZ Corporation ..............11,000
Consulting gross income ................................................................. 9,000
Expenses related to consulting practice ................................................ (15,000)
a. What is the amount of Anita's self-employment tax?
b. How would your answer to Part a change if Anita's salary were $120,000?
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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a Director Fees 11000 Consulting loss 6000 Gross SE income 5000 x 9235 Net ...View the full answer
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Related Book For 
Federal Taxation 2014 Comprehensive
ISBN: 9780133438598
27th Edition
Authors: Timothy J. Rupert, Thomas R. Pope, Kenneth E. Anderson
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