Melissa has $90,000 in salary from her full-time position and $40,000 in net income in 2017 from

Question:

Melissa has $90,000 in salary from her full-time position and $40,000 in net income in 2017 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:

Related Book For answer-question

Taxation For Decision Makers 2018

ISBN: 9781119373735

8th Edition

Authors: Shirley Dennis Escoffier, Karen Fortin

See More Books

Question Posted: Mar 15, 2024 03:02 AM

See More Questions

This assignment requires you to complete the 2022 tax reporting for a fictional woman named Anna Smith. Question 1 T1 - step 4 - line 66 This is Anna's taxable income Answer: Question 2 T1 - step...
1. Hannah is applying for a life policy on her girlfriend Sarahs life. The policy is $500,000 and carries a large premium. Hannah is the main earner, so she is concerned about not being able to pay...
Armando Z. and Lourdes K. Gonzales are married and file a joint return. Armando is self-employed as a dentist, and Lourdes is a college professor. Armando and Lourdes have three children. The oldest...
During the year, the total actual cost of inventory produced for The Wood Legacy was $1,500,000 (assume no beginning or ending inventory balances). Actual manufacturing overhead was $300,000. Direct...
In Figure 9.3, by how much is the market overproducing cars? FIGURE 9.3 Externalities drive a wedge between market demand and social demand. DM External Ds costs Market demand Social demand qs ...
At 300 K and 20 atm, the compression factor of a gas is 0.86. Calculate (a) The volume occupied by 8.2 mmol of the gas under these conditions and (b) An approximate value of the second virial...
The agreement contained a liquidated damages clause that held, Should Employee voluntarily terminate or the Employer terminates his/her employment within one year of executing this Agreement,...
Jane Leeves declared voluntary Chapter 7 bankruptcy. The trustee included the following property in her bankruptcy estate: Janes wedding ring Janes computer for her consulting business that she...
3. A 200 kg roller coaster starts from rest at the top of the first hill at a height of 20 m above the ground. The second hill is 15 m above the ground. a. A physics student in line for the ride...
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...
George has $91,700 in salary from his full-time position and $43,000 in net income in 2017 from his sole proprietorship. What is his self-employment tax? What portion of this can he deduct?
Several states have limited public-sector union power. What are some reasons for law maker staking this stand? What are the advantages and disadvantages of workers in the public sector belonging to...
Dicker Data Ltd has been an audit client of JC Partners (JCP) for the last 10 years. The business (Dicker Data) has been doing very well where the share prices has more than doubled over the past 5...
Keira's Kar Company purchases a Machine and incurs the following costs: Purchase Price $250,000 Sales Tax $5,000 Installation Cost $1,500 Electricity Costs for the Year $2,000 Deliver Costs $500...
Bonita Company gathered the following data abouBonita Company gathered the following data about the three products that it produces: Product Present Sales Value Estimated Additional Processing Costs...
The Social Security tax rate is A. 1.45% B. 6.20% C. 7.65% Employees send their payroll taxes directly to the federal government. A. True B. False Employers use which form to compute the amount of...
Chantel, a resident of Denver, Colorado, decided to open up her own fine jewelry store. To do so, she used her life savings and a loan from the bank. Chantel was able to open up a store with...
A uniform rod of length l performs small oscillations about the horizontal axis 00' perpendicular to the rod and passing through one of its points. Find the distance between the centre of inertia of...
The overall reaction and equilibrium constant value for a hydrogenoxygen fuel cell at 298 K is 2H 2 (g) + O 2 (g) 2H 2 O(l) K = 1.28 10 83 a. Calculate E cell and G 8 at 298 K for the fuel cell...
Kevin, a single individual, has $180,000 income from salary in 2019 plus the following recognized gains: a $9,000 long-term capital gain on the sale of a painting, a $10,000 unrecaptured Section 1250...
Joy purchased a home in Maine on December 15, 2000 for $250,000 and lived in it full-time until she purchased a second home in Florida on October 1, 2014 for $380,000. In 2014 and 2015 she continued...
In 2019, Gregory, a single person, had $450,000 of ordinary taxable income. He sold Section 1202 stock at a taxable gain of $45,000, his art collection at a taxable gain of $102,000, and stock at a...
Suzie would like to invest in fixed income securities and found one that could be interesting: Circus Inc. Circus Inc. pays semi-annual coupons. These bonds are currently being issued with a coupon...
What is another term used for CVP analysis? Group of answer choices variable analysis break-even analysis cost pricing analysis loss leader analysis
When considering the interrelations of financial statements, name two specific financial statements where: a. Net income is reported. b. Retained earnings is reported. c. Ending cash balance for the...

Melissa has $90,000 in salary from her full-time position and $40,000 in net income in 2017 from

Question:

Step by Step Answer:

To calculate Melissas selfemployment tax we first need to determine her net selfemployment income Se...View the full answer

Taxation For Decision Makers 2018

Students also viewed these Business questions