Question

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

Answer #1

**Answer:**

Net earnings from self-employment = $146,000

**Self-employment income subject to self-employment taxes
=** $146,000 * 92.35% = $134,831

**Self-employment tax for 2018:**

Income up to $128,400.00 is subject to FICA taxes (12.4%) = $128,400 * 12.4% = $15,921.60

Medicare tax (2.9%) on income of $134,831 = $134,831 * 2.9% = $3,910.10

**Total self-employment taxes for 2018 = $15,921.60+
$3,910.10 = $19831.70 = $19,832**

**The taxpayer is allowed a deduction for AGI of one-half
of the self-employment tax**

**= $19831.70 * 50% = $9,915.85 = $9,916**

Miranda's self-employment tax is **$19,832** and
she has a **$9916** deduction for AGI

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.

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 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
$______

Taylor, age 18, is a dependent of her parents. For 2018, she
records the following income: $4,400 wages from a summer job,
$1,885 interest from a money market account, and $2,100 interest
from City of Boston bonds. If required, round your answers to the
nearest dollar. If an amount is zero, enter "0".
a. Taylor's standard deduction for 2018 is $ .
Taylor's taxable income for 2018 is $ .
b. Compute Taylor's "net unearned income" for the purpose of...

Thad, a single taxpayer, reports taxable income before the QBI
deduction of $188,000. Thad, a CPA, operates an accounting practice
as a single member LLC (which he reports as a sole proprietorship).
During the 2019 tax year, his proprietorship generates qualified
business income of $150,400 after deducting self-employment taxes,
W–2 wages of $112,800, and $8,400 of qualified property. Assume the
QBI amount is net of the self-employment tax deduction. If
required, round any division to two decimal places. Round your...

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!)

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