In 2021, 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.

Q: In 2021, Jasmine and Thomas, a married couple, had taxable income of $150,000. If they were to file…

A: In this question, We will find out couple's marriage penalty and benefits.

Q: Agnes, a resident taxpayer, has a taxable income of $50,000 for the income tax year ended 30 June…

A: PAYG is pay as you go is amount  of tax deducted by employer  at source. After filing income  tax…

Q: Ciara had $78,000 of income from wages and $2,950 of taxable interest. Ciara also made contributions…

A: Introduction Income from wages: Wage income is the total of all earnings earned by a person in a…

Q: Simon is single and a stockbroker for a large investment bank. During 2020, he has withheld from his…

A: Given information, withheld from his paycheck=$2,250 for state taxes and $400 for city taxes. Simon…

Q: Rita, a calendar-year individual taxpayer, files her 2018 income tax return on October 5, 2020. An…

A: Tax filling means to fill a form in which the income and expenses of the tax payers are filled along…

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: 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: Alice is single and self-employed in 2021. Her net business profit on her Schedule C for the year is…

A: Self employment tax for 2021 is  15.3% of net…

Q: Whitney received $75,000 of taxable income in 2020. All of the income was salary from her employer.…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Brian and Kim have a 12-year-old child, Stan. For 2019, Brian and Kim have taxable income of…

A: Tax:   A tax is a compulsory charge or a levy imposed upon a taxpayer by a government organization…

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: ulie, a single taxpayer, has completed her 2020 Schedule C and her net loss is $40,000. Her only…

A: Taxable income is the portion of a person's or a company's income that is used to calculate how much…

Q: On February 1, 2021, Stephen (who is single) sold his principal residence (home 1) at a $100,000…

A: Here in this context Stephen sell the Home one with a gain of $100000 and exclude entire gain on the…

Q: Shelley is a self-employed CPA.  In 2020, she had gross revenue of $255,000 and expenses of $40,000…

A: Self employed individuals are required to pay both the employee and employer portion of social…

Q: Huy, single, operates a sole proprietorship. In 2020, Huy's QBI is $74,348, and his modified taxable…

A: It is the deduction available on the qualified business income subject to the provisions of IRS.…

Q: Allan has a gross income of P400,000 in 2020. His employer deducted P5,000 SSS, P4,000 PHIC, P3,000…

A: Answer: The final tax due is calculated on the net income of the person. The deductions is allowed…

Q: Sally, age 44, has 3 dependent children between age 6 and 17. The children live with her and qualify…

A: As Sally can file return as Head of Household, she can avail standard deduction.  For persons filing…

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: In 2020, Bianca earned a salary of $189,000 from her employer. Determine the amount of FICA Social…

A: Answer The Social Security  withholding rate is gross pay times 6.2% up to the maximum pay level for…

Q: Assuming they all meet the income requirements, which of the following taxpayers qualify for the…

A: The earned-income credit (EIC) is a refundable tax credit that is intended to augment low-income…

Q: In 2021, Sonny earns $47,900 and is unemployed for $10,000. What is Sonny's taxable income if he…

A: As per Income tax act 1961 (endian no any other detail given for other country tax that why)

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: In 2019, Simon, age 12, has interest income of $7,980 and no earned income. He has no investment…

A: To Determine – Simon’s net unearned income and Total tax As Simon is only 12 years of age and has…

Q: Self-Employment tax =

A: The total self-employment tax is 15.3% of the net earnings and it has two parts. The first part is…

Q: Jenny, single, operates a sole proprietorship. In 2020, her sole proprietorship generates QBI of…

A: A tax is a mandatory contribution or financial fees levied by the government on the income generated…

Q: is she required to file a tax return

A: Given: Helen, a single taxpayer, earns an interest income of $ 8750.

Q: In 2019, Simon, age 12, has interest income of $4,900 and no earned income. He has no investment…

A: Unearned Income & Tax liability for Children Here total unearned income = $ 4900 and has no…

Q: n 2021, Lisa and Fred, a married couple, had taxable income of $305,200. If they were to file…

A: Taxable income: When one individual earns income from a country then he or she has to pay tax as per…

Q: During 2020, Murray, who is 60 years old and unmarried, provided all of the support of his elderly…

A: Correct option is a. head of household and 1 dependent.   Explanation:

Q: Lacy is a single taxpayer. In 2020, her taxable income is $43,800. What is her tax liability in each…

A: A qualified dividend is the earnings on which the capital gain tax is applied. These taxes are 0%,…

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: Brian and Kim have a 12-year-old child, Stan. For 2019, Brain and Kim have taxable income of…

A: Brian and Kim are minor kids their taxable income=$52000 Stan's Interest income=$4500

Q: nnie, age 70 and single, is claimed as a dependent on her daughter's tax return. During 2021, she…

A: Taxable Income = Gross Income - Deductions

Q: MOMO is an employee of BTS Corporation and earned $200,000 for the taxable year 2021. If for the…

A: MOMO's taxable income would be: $200,000 + $450,000 = $650,000  Her income tax due would be:…

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

A:

Q: Meredith owns her own business. In 2020, she had business revenue of $268,450 and business…

A: Given that: In 2020, she had business revenue of $268,450 and business deductions of $75,900. She…

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: Julie filed a valid extension for her 2020 tax return, giving her until October 15, 2021, to file…

A: Income tax is the tax paid by an individual or an entity on the income earned in a particular year…

Q: In 2020, Jasmine and Thomas, a married couple, had taxable income of $106,000. If they were to file…

A: If Jasmine and Thomas file joint return as a married couple: Joint Income = $106,000 Income Tax =…

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: 58, reports taxable income of $510,000 in 2021. His AMT base is $625,000, and his regular tax…

A: AMT Adjustment Explanation Because some tax items are treated differently for AMT purposes, a…

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: Jane, a resident taxpayer, has a taxable income of $19,500 for the income tax year ended 30 June…

A: Assuming that the question pertains to Australian Income Tax (since Australia follows a July 1 to…

Q: During the year ended 30 June 2019 Rechelle, a resident taxpayer, received salary and wages income…

A: During year ended 30.06.2019, Rechelle, a resident tax payer salary and wages income = $34750…

Q: Alice is single and self-employed in 2021. Her net business profit on her Schedule C for the year is…

A: Self-employment tax: It is a tax that includes social security tax and medicare tax for calculating…

Q: n 2019, Cheryl, who is single and not a dependent of another taxpayer, has taxable income of…

A: Every Individual who is earning more than the limit prescribed then person has to pay tax amount to…

Q: Lucinda is a self-employed veterinarian in 2019. Her Schedule C net earnings are $86,000 for the…

A: A small-business owner, contractor or freelancer has to pay self-employment income tax on their…

Q: in 2018, miranda records net earnings from self-employment of $146,000. she has no other income.…

A: The question is based on the concept of taxation