Question: Please help ! In 2022, Lisa and Fred, a married couple, had taxable income of $306,600. If they were to file separate tax returns, Lisa

Please help !

In 2022, Lisa and Fred, a married couple, had taxable income of $306,600. If they were to file separate tax returns, Lisa would have reported taxable income of $128,300 and Fred would have reported taxable income of $178,300.

What is the couple's marriage penalty or benefit?

2. Alice is single and self-employed in 2022. Her net business profit on her Schedule C for the year is $164,000.

What are her self-employment tax liability for 2022?

3. Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2022. During that time, he earned $90,000 of self-employment income. On April 1, 2022, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Incorporated From April through the end of the year, Kyle earned $198,000 in salary.

What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year?

4. Eva received $65,000 in compensation payments from JAZZ Corporation during 2022. Eva incurred $7,000 in business expenses relating to her work for JAZZ Corporation JAZZ did not reimburse Eva for any of these expenses. Eva is single and deducts a standard deduction of $12,950. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference.

Assume that Eva is considered to be an employee. What is her regular income tax liability for the year?
Assume that Eva is considered to be a self-employed contractor. What are her self-employment tax liability and additional Medicare tax liability for the year?
Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year?

5. Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his spouse.

What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2022 for his daughters under each of the following alternative situations? Use Exhibit 8-8.

His AGI is $435,000.
His AGI is $421,600, and his daughters are ages 10 and 12.

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