Question

In 2020, Miranda records net earnings from self-employment of $220,200. She has no other gross income....

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.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Hi

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

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
In 2020, Miranda records net earnings from self-employment of $158,500. She has no other income. Determine...
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....
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...
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...
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....
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...
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,...
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...
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...
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...
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...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT