Thomas is single and a self-employed architect. During 2020, Thomass income from his business is $170,000. He
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Thomas is single and a self-employed architect. During 2020, Thomas’s income from his business is $170,000. He also pays $2,200 for a medical insurance policy.
a. How should the medical insurance policy payment be reflected on his 2020 tax return?
b. What is his 2020 self-employment tax deduction?
c. Assume that Thomas’s income from his business is $228,000. What in his 2020 self-employment tax deduction?
d. Assume the same facts as in part a, except Thomas is married, his wife’s salary is $30,000, and they are covered by a medical policy from her employer.
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Related Book For
Concepts In Federal Taxation 2021
ISBN: 9780357141212
28th Edition
Authors: Kevin E. Murphy, Mark Higgins, Randy Skalberg
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