Question

In 2020, Miranda records net earnings from self-employment of $220,200. She has no other gross income. Determine the amount of Miranda's self-employment tax and her for AGI income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is $________ and she has a $________ deduction for AGI.

Answer #1

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Let me know in case you face any issue: **Answer can be
+/- $1 due to rounding off:**

In 2020, Miranda records net earnings from self-employment of
$158,500. She has no other income. Determine the amount of
Miranda's self-employment tax and her for AGI income tax
deduction.
In your computations round all amounts to two decimal
places. Round your final answers to the nearest
dollar.
Miranda's self-employment tax is $ and she has a $ deduction for
AGI.

In 2018, Miranda records net earnings from self-employment of
$146,000. She reports no other gross income. Determine the amount
of Miranda's self-employment tax and her for AGI income tax
deduction. In your computations round all amounts to two decimal
places. Round your final answers to the nearest dollar. Miranda's
self-employment tax is $_____ and she has a $_____ deduction for
AGI

In 2018, Miranda records net earnings from self-employment of
$235,500. She has no other income. Determine the amount of
Miranda's self-employment tax and her for AGI income tax
deduction.
In your computations round all amounts to two decimal places.
Round your final answers to the nearest dollar.
Miranda's self-employment tax is
_________________ and she has a $_____________________
deduction for AGI.

Exercise 11-9 (Algorithmic) (LO. 6)
In 2019, Miranda records net earnings from self-employment of
$189,300. She reports no other gross income. Determine the amount
of Miranda's self-employment tax and her for AGI income tax
deduction.
In your computations round all amounts to two decimal
places. Round your final answers to the nearest
dollar.
Miranda's self-employment tax is $ and she has a $ deduction for
AGI.

In 2019, Miranda records net earnings from self-employment of
$146,000. She reports no other gross income. Determine the amount
of Miranda’s
self-employment tax and her for AGI income tax deduction
Note: please provide answers and explanations in Word or Excel
as handwritten responses are hard to read. Thank you.

In 2018, Miranda records net earnings from self-employment of
$146,000. She has no other income. Determine the amount of
Miranda’s self-employment tax and her for AGI income tax
deduction.

a. In 2019, Maria records self-employed earnings of $135,000.
Using the format illustrated in the text, compute Maria's
self-employment tax liability and the allowable income tax
deduction for the self-employment tax paid. Do not round
intermediate computations. Round your final answers to the dollar.
Maria's self-employment tax liability is $______ , and the
allowable income tax deduction for the self-employment tax paid is
$______

Problem #7 Shanita is a self-employed event planner. She has net
earnings (profit) from her business of $63,220. Her self-employment
taxes for the year are? (Show Your work!)
Problem #8 Venkat is age 32, single, and reported AGI of $67,000
in tax year 2019. He is an active participant in his employer's
pension plan. What is the maximum deductible IRA contribution he
can make in 2019? (Show your work!)

Sheila is a management consultant who has net earnings from
self-employment of $90,000 in the current year. She has a BBA in
business and has ten years of experience in various management
positions. She has just completed her first year towards an MBA
degree. She paid a total of $30,000 in tuition and fees. She would
like to know if she may deduct this education as a business expense
against her self-employment earnings. Please explain to her why the
expense...

4. Amy is single. During 2019, she determined her adjusted gross
income was $12,000. During the year, Amy also contributed $1,500 to
a Roth IRA. What is the maximum saver's credit she may claim for
the year?
Multiple Choice
$750.
$1,000.
$1,500.
$0.
6, Kathy is 48 years of age and self-employed. During 2019, she
reported $100,000 of revenues and $40,000 of expenses relating to
her self-employment activities. If Kathy has no other retirement
accounts in her name, what is...

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