1. Meredith owns her own business. In 2020, she had business revenue of $268,450 and business deductions of $75,900. She had no other activity that affected her tax return. a. Calculate her self-employment tax. b. Calculate her AGI.

Q: For 2018, Roberta is a self-employed truck driver with earnings of $45,000 from her business. During…

A: Payroll taxes: An employer is required to withhold from the wages of the employee many taxes…

Q: How does the tax benefit rule apply in the following cases? a. In 2019, the Orange Furniture Store,…

A: Taxes are the amount of dues or liabilities that is to be paid by individuals on account of income…

Q: Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is…

A: The taxpayer's net business profit from Schedule C is multiplied with 92.35% to calculate the income…

Q: For the following taxpayers determine which one is not required to file a tax return in 2018. a.…

A: Return filing Status: It is the status given to the taxpayers for determining their threshold for…

Q: Bob's only source of income is from his consulting business operated as a sole proprietorship.…

A: As per our protocol we provide solution to one question only but as you have asked different…

Q: 1. In the illustration on number 1, Ms. X likewise earned P1,000,000 from employment with XYZ…

A: As per our protocol we are supposed to answer one question. Since you have asked two questions under…

Q: nswer to 2 decimal places.) A. Her $44,600 of taxable income includes $3,600 of qualified…

A: Calculation of tax liability in A. Qualified dividend are taxed as capital gains. Therefore, total…

Q: In 2021, Miranda records net earnings from self-employment of $158,500. She has no other income.…

A: GIVEN DATA   In 2021, Miranda records net earnings from self-employment of $158,500.   She has no…

Q: enrich is a single taxpayer. In 2020, his taxable income is $451,000. What is his income tax and net…

A: Taxable income $450,000 Less: preferentially  taxed income  $55,000 income taxed at ordinary…

Q: Mary is a self-employed attorney.   a. ​ Assuming that Mary earns $27,500 from her practice,…

A: For the 2020 tax year, the self-employment tax rate is 15.3%. Social Security represents 12.4% of…

Q: Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020. His Annual Tax…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Crosby is self-employed. He has self-employment income of $100,000, and expenses of $80,000. Crosby…

A: It is the tax payable by the taxpayer, who is self-employed. As per the provisions of IRS, the…

Q: William, a resident, has taxable income for 2020/21 of $60,000. The PAYG amounts withheld by his…

A: Pay as you Go [PAYG] is the amount of tax withheld by the employer from the pay out of the employee…

Q: Lacy is a single taxpayer. In 2021, her taxable income is $44,600. What is her tax liability in each…

A: Taxable income would be any remuneration received by an individual or corporation that would be used…

Q: n 2021, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: In this question, we have to compute Tax liability

Q: Anwer owns a rental home and is involved in maintaining it and approving renters. During the year he…

A: Answer: Unfortunately the IRS prohibits the deductions of rental losses against any other sources of…

Q: Corina is self-employed. In 2020, her net profit from self-employment was $200,000, and she has no…

A: Self employment means the person who can conduct his own business or services which are treated as…

Q: Paul is self-employed as a dentist. He practices under the name "Paul J. Vance, DDS." Paul's gross…

A: Particulars              Amount 1.Gross receipts  $111000 2.- Business…

Q: 45. According to Josh's W-2 statement, his wages were $27,391 for the previous year. He also earned…

A: Taxable income= Gross income- Adjustments- standard deduction Gross income= Wages+ interest income =…

Q: taxpayers does not have to file a tax return

A: Tax return refers to the completion of documentation that tries to calculate the net income earned…

Q: Cassy reports a gross tax liability of $1,190. She also claims $590 of nonrefundable personal…

A: Correct Answer = $ 585 Refund Calculation Calculaton Tax liability due / Refund of Cassy ($)…

Q: Angelena files as a head of household. In 2021, she reported $54,900 of taxable income, including a…

A: Introduction: Accountants must assess their tax liabilities to guarantee that they can pay the right…

Q: ch is Dolly's QBI deduction?

A:

Q: In 2019, Miranda records net earnings from self-employment of $146,000. She has no other income.…

A: The profitability of the company can be arrived from the income statement prepared by the management…

Q: Juanita is a single and is self-employed. Juanita owed $1,300 in taxes on her 2019 return and…

A: Answer with explanation are as follows.

Q: Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020. His Annual Tax…

A: Answer and calculations are given below

Q: Ms. Perry operates a convenience store while she offers bookkeeping services to her clients. In…

A: Tax Due = 8% x Taxable Income

Q: How does the tax benefit rule apply in the following cases? a.  In 2019, the Orange Furniture…

A: A tax benefit is a tax law that assists taxpayers in lowering their tax liabilities. Tax breaks are…

Q: Required: Calculate Roberta's net tax payable or refund due for 2018.   Assume a qualifying…

A: Transaction between related parties: The code imposes limitations on the recognition of losses from…

Q: 3.  Fess receives wages totaling $75,700 and has net earnings from self-employment amounting to…

A:

Q: Helena has the following long-term capital gains and losses for 2019: $94,000 28% gain, $75,200 28%…

A: AGI is the total taxable income on which tax will be calculated.

Q: Joanne Plummer is self-employed in 2019. Her Schedule C net income is $36,600 for the year, and…

A: Self-employment income: Income earned by an individual by working for his/her interest with the…

Q: Compute the 2019 standard deduction for the following taxpayers.a. Ellie is 15 and claimed as a…

A: Tax represents the liability that is paid to the government calculated on the income earned.

Q: W is single. The following amounts were reported on her 2020 income tax return: Wages $40,000, net…

A: Net operating loss is considered as ordinary loss for the taxpayer that means all the losses which…

Q: Compute the 2018 standard deduction for the following taxpayers. Margie is 15 and claimed as a…

A: 1) Since Mergie is dependent. Her standard deduction shall be greater of $1100 or ($1400+$800 + $…

Q: Tim, a single taxpayer, operates a business as a single-member LLC. In 2020, his LLC reports…

A: The threshold limit is $259,000 for 2020 as defined by IRS for single-member LLC. As per IRS, Form…

Q: Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: e of the corporation. In December 2019​, the corporation has decided to distribute $450,000 to Tim…

A: When a part of profit is distributed as income, it is called application of income. Hence, the…

Q: Jaclyn Biggs, who files as a head of household, never paid AMT before 2021. In 2021, her regular tax…

A: Compute the Jacklyn's total income tax for 2021:- Jacklyn's total income tax is $ 111,110…

Q: . Mary is age 33 and a single taxpayer with adjusted gross income for 2018 of $29,400. Mary…

A: The Tax Cuts and Jobs Act (TCJA) increased the standard deduction amounts for 2018 well beyond what…

Q: Sara is filing as head of household and has 2021 taxable income of $59,000, which includes $3,000 of…

A: An alternative minimum tax (AMT) places a floor on the percentage of taxes that a filer must pay to…

Q: Jason is self-employed. He has self-employment income of $100,000, and expenses of $80,000. Jason…

A: Correct answer is $80,000   Explanation

Q: Rasheed works for Company A, earning $360,000 in salary during 2020. Assuming he is single and has…

A: Federal Insurance Contribution Act (FICA) is a tax levied un US taxable persons for social security…

Q: Assume that Joseph is a single taxpayer who does not itemize deductions and operates a sole…

A: Qualified business income (QBI) deduction: Qualified business income deduction is the amount that…

Q: Mr. Asif, a Salaried Individual, has following information for the Tax Year 2020. His Annual Tax…

A: Computation of Income Tax for the year ending 2020 Particulars Amount (Rs) Income from Salary…

Q: Mr. Lebron is a mixed income earner. In year 2020, he earned gross compensation income of…

A: As per the Graduated tax table of philippines if any person who is employed and have business income…

Q: Calculate the amounto of self -employment tax that Aaron will be required to pay for the tax year…

A: Sepf employment tax rate 2020 = 15.3% Income = 345000-150000= 195000

Q: Helena has the following long-term capital gains and losses for 2020: $62,000 28% gain, $49,600 28%…

A: Capital gain or loss is the gain or loss incurred or generated on sale of any capital asset. Capital…

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.