Question

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 $______

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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 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.
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 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.
Alice is single and self-employed in 2019. Her net business profit on her Schedule C for...
Alice is single and self-employed in 2019. Her net business profit on her Schedule C for the year is $190,000. What is her self-employment tax liability and additional Medicare tax liability for 2019? (Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability: Additional Medicare tax liability:
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.
Self-Employed Social Security Taxes (LO. 2) For 2019, Eric is a self-employed financial consultant. During the...
Self-Employed Social Security Taxes (LO. 2) For 2019, Eric is a self-employed financial consultant. During the current year, Eric's net self-employment income is $160,000. The OASDI rate is 6.2%; the MHI rate is 1.45%. Hint: OASDI 6.2% tax is on the first $132,900 for the year. Note: Round all calculations to the nearest cent. What is Eric's self-employment tax?
Carl is a self-employed real estate agent. For the current year, his self-employment net earnings (revenues...
Carl is a self-employed real estate agent. For the current year, his self-employment net earnings (revenues minus expenses) are $80,000. He is also employed as an accountant with a gross salary of $70,000 for the year. Assume that the appropriate social security income ceiling for the year is $130,000 and that the self-employed FICA rates are 12.4% for social security and 2.9% for Medicare. What is Carl s self-employment tax liability for the year? $9,583 $10,901 $11,304 $12,240