Chapter 3 Quiz

Self-Study Problem 2.13 A taxpayer (payor ex-spouse) is required to pay an ex-spouse (recipient ex-spouse) alimony of $12,000 per year. Determine how much alimony is deductible by the payor ex-spouse and how much alimony is recognized as income by the recipient ex-spouse based on the following information: If an answer is zero, enter "0". Details a. The payments are made in 2021 as part of a divorce decree executed in 2018. The divorce decree is modified in 2021 to explicitly apply the provisions of the TCJA. b. The payments are made in 2021 as part of a divorce decree executed in 2016. c. The payments are made in 2021 as part of a divorce decree executed in 2021. Deductible by payor Includable by recipient 00 00

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Exercise 12-24 (LO. 6) In 2022, Miranda records net earnings from self-employment of $168,500. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is X and she has a $ X deduction for AGI. Feedback ✓ Check My Work The tax on self-employment income is levied to provide Social Security and Medicare benefits (old age, survivors, and disability insurance and hospital insurance) for self-employed individuals.

2 10 points How does an employer know how much to withhold from a your paycheck for federal income tax? Your employer withholds 27% of your gross pay per IRS Guideline WH-27. O You inform you employer how much you paid in taxes last year, then your employer divides that amount by this amount is then withheld. -- You complete and submit to your employer IRS Form W-4. Employers don't withhold federal income tax from paychecks -- this is a trick question.

What is the amount of self-employment tax that would be paid by Andy for the year assuming he earned $128,100 while working as an employee of the University and another S20,000 from a sales business he owns? Select one: a. S1,190.40 b. S1,726.03 C. $535.63 d. $2,825.91 e. None of these

Exercise 12-24 (LO. 6) In 2023, Miranda records net earnings from self-employment of $168,500. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is s X and she has a s X deduction for AGI.

Question 13 of 15. A single taxpayer who is a dependent under age 65 has to file a tax return if their unearned income exceeds more than which amount? $1,100 $1,200 $4,200 $4,400 Mark for follow up

Hi expart Provide solution for this accounting question

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How much must Martinez include in his gross income

Question 6: What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax? Answer: А. O $117,000 В. O $125,000 С. O S200,000 D. O $250,000

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Question 15: Under the wage-bracket method for an employee who completed the 2021 Form W-4, what would the federal income tax withholding be if he/she is single, works one job, and has a weekly adjusted wage amount of $315? Answer: A. $0 В. $8 С. $14 D. $22

Question 13: Louisa is an employee of Maroon Corp. Louisa files as Married Filing Jointly on her tax return. Over what amount will Maroon Corp. begin to withhold the additional Medicare tax from her earnings? Answer: A. SO В. O $125.000 C. O $200,000 D. $250,000

20.A taxpayer certificate of deposit that was set to mature the end of next year is needed for a down payment on their residence the taxpayer decided to cash out the certificate of deposit now is the following scenario accurate.   A. The taxpayer must report their total amount of interest and can deduct the penalty on their tax return.    B. The total interest income of $1,600 and a taxpayer early withdrawal penalty is $300 the taxpayer net the two amount together and report $1300 interest on a schedule B.    C. Both the total interest amount in the early withdrawal penalties are reported to the taxpayer on form 1099-INT.

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Exercise 15-19 (LO. 3, 4) In 2020, Henry Jones works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $fill in the blank 1Tax liability (round to the nearest dollar): $fill in the blank 2

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QUESTION 19 1. Use the 2018 Payroll Tax Withholding Tables from IRS Pub. 15. Circular E(see Mastering Payroll, 90-93), compute FITW for the following . Sandy is married, claims 3 allowances on her W-4 and is paid $645 a week. • Sofia is single, claims 6 allowances on her W-4 and is paid $1,500 every 2 weeks. • Carlos is married, claims 6 allowances on his W-4 and is paid $1,500 every week. • Sam is single, claims 0 allowance on his W-4 and is paid $959 every 2 weeks. For the toolbar, press ALT F10(P) or ALTIN+F1O (Mac) B Paragraph Arial 10pt Av I. F制制 x X, 田田用国 * () Sandys QUESTION 20 Clk Se and Suie to e and ir. Cick Se AllA ers se all ansers Save Al A ers !!

How do I calculate the taxpayer's 2019 qualifying business income deduction for a qualified trade or business with these specifics: Filing status: SingleTaxable income: $180,000Net capital gains: $0Qualified business income (QBI): $80,000W–2 wages: $20,000