Kathy is 48 years of age and self-employed. During 2019, she reported $100,000 of revenues and $40,000 of expenses

Q: Matthew earned $67,859 during 2020. How much will his employer withhold from him, in total, for FICA…

A: FICA tax: Federal government imposes taxes on the employee's pay to provide benefits to retired, old…

Q: Jerry is single, age 60, and had adjusted gross income of $120,000 in 2020. His deductible expenses…

A: The following computations are done for Jerry who is a single tax payer.

Q: Mazik, age 17, is a dependent of his parents. Mazik earned wages of $12,500 and had no investment…

A: Income tax liability on the income of an individual depends on his or her tax filling status. The…

Q: Meghan, a calendar year taxpayer, is the owner of a sole proprietorship that uses the cash method.…

A: When a taxpayer uses cash method, he is supposed to record the expense in the year of payment.…

Q: Karen, 28 years old and a single taxpayer, has a salary of $35,000 and rental income of $33,000 for…

A: Solution  Rental income  refer the income received from rent from the building or house is taxed…

Q: Ursula, an employee of Ficus Corporation, is 35 years old and plans to retire in 20 years. The…

A:

Q: In 2020, Paul, who is single, has a comfortable salary from his job as well as income from his…

A: The amount which a taxpayer has to pay in excess of regular tax amount due towards IRS because of…

Q: Shellie, a single individual, received her Bachelor's degree in 2020, and took a job with a salary…

A: Income tax- Income tax refers to the tax that is levied on the earnings/ income of a person or…

Q: Karen, 28 years old and a single taxpayer, has a salary of $33,000 and rental income of $33,000 for…

A: AGI (Adjusted gross income) refers to the gross income remained after deducting the annual gross…

Q: Lucy is 17 years old and a dependent of her parents. She receives $9,000 of wages from a​ part-time…

A: Lucy is 17 years below 19 years of age and hence qualified for children tax rate  Wages =9000…

Q: Using the following facts, determine Jaron’s 2019 taxable income. 1. In November 2017, when his wife…

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

Q: Beau earned $35,000 of net earnings from a tax preparation business that he runs during tax season.…

A: Total self-employment tax rate = Tax rate for social securirty + Tax rate for medicare=12.4% +…

Q: Christine and Doug are married. In 2019, Christine earns a salary of $250,000 and Doug earns a…

A: Medicare tax is one of a part of payroll taxes in which a fixed medicare tax rate (1.45%) is…

Q: Maud, a calendar year taxpayer, is the owner of a sole proprietorship that uses the cash method. On…

A: Maud can deduct the full $120,000. the answer is $120,000.   Explanation: Therefore, Maud is…

Q: Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2021.…

A: Answer:-  FICA Tax definition: - FICA stands for the Federal Insurance Contribution Act. It is…

Q: Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2019,…

A: Employees and families with low and moderate incomes might benefit from the Earned Income Tax Credit…

Q: . Taxpayer, age 16, is claimed as a dependent by his mother. In 2019, he has dividend income of…

A: Taxable income is computed after deducting all the standard or itemized deductions for which the…

Q: John Jay, 45, is married and supports his mother, age 67. During 2020, he paid $1,300 for…

A: Medical and Dental expenses paid during the year by cash/check  less reimbursed portion by employer…

Q: George is single and age 56, has AGI of 265,000, and incurs the following expenditures in 2019( not…

A: SOLUTION- GIVEN, GEORGE IS SINGLE AND AGE IS 56. AGI = 265000

Q: 0, he receives $10,000 in Social Security benefits. In addition, he receives $6,000 in cash…

A: Information Given -:_ Social Security Benefits       = $10000. Cash Dividends on Stocks       =…

Q: During 2019​ ,Dale  incurs the following deductible​ expenses: $1,400 in state income​ taxes, $3,400…

A: Calculation of Dale's Taxable Income Particulars   Amount AGI   $38,000 Less: Itemized…

Q: In 2021, Madeline earns $51,000 from her regular job. She also earns $2,000 in ordinary dividends…

A: There are 5 types of filing status prescribed by the IRS:- 1. Single 2. Married filing jointly 3.…

Q: During the 2020 tax year, Gwen supports her family as a physical therapist. She reports $90,000 of…

A: Health insurance is a type of insurance that pays for medical costs incurred as a result of an…

Q: Martha and Rob, a married couple, under 50 years of age, have adjusted gross income on their 2019…

A: In case of married filing jointly and under 50 years of age, contribution limit to IRA is $6,000 in…

Q: Erin, who is a self-employed party consultant, made $60,000 in net income from her business in 2020.…

A: Self employment tax is defined as the tax imposed that the small business owner need to pay to the…

Q: What filing status should Reba use for her 2020 tax return?  Regardless of your answer in a., assume…

A: 1) R is a divorcee as on 31st December 2020 So, she should file recordings as a single for 2020 tax…

Q: In 2020, Mason, age 35 and single, earned wages of $75,000. Mason had no exclusions, and he had…

A: As per United State tax laws Itemized deduction are those deduction which can be claimed 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: 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: n. What is the amount of Roberta's self employment tax (Social Security and Medicare taxes)…

A:

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: Juanita, single and age 43, reports the following items for 2019: Salary $60,000 Interest income…

A: Taxable Income is determined by taking all heads of Income. It is the amount of income used to…

Q: Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2021.…

A: Federal insurance and contribution act enable US payroll tax to fund the social security…

Q: Ray, who is single and 22 years old, was unemployed for a few months during 2020. He earned $6,700…

A: Answer: Option A. $0

Q: In 2020, Mary Kelly drove her personal car 2,800 miles for business purposes. She also incurred $182…

A: Self-employed: Persons or individual who are not employed under a specific employer are known as…

Q: Jun, a minimum wage earner, works for a foundation. He is not engaged in business nor has any other…

A: Compensation Earner - an invidual whose income is depend entire on employee and employeer relation.…

Q: How much of the interest is deductible as an itemized deduction?

A: Given information is: At the end of 2019, Mark owes $250,000 on the mortgage related to the 2016…

Q: In December 2020, Ryan paid $31,230 for an insurance policy that covers his business property for…

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

Q: Sally hires a maid to work in her home for $280 per month. The maid is 25 years old and not related…

A: The present tax rate for the social security for the employer is 6.2% and for the employee is 6.2%…

Q: In 2019, Tim, a single taxpayer, has ordinary income of $29,000. In addition, he has $2,000 in…

A: Adjusted Gross income:    It is measure that is used in determining the income from the gross…

Q: In 2015 Chara incurred a loan to pay for qualified higher education expenses for her 20-year-old…

A: Education loan is taken to meet the academic expenses of higher education and the related expenses…

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: Cameron works as a construction worker. During the 2020 financial year, he received the amounts…

A: Assessable income:    As the name suggests, it is the income that can be assessed by the taxpayer…

Q: Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2020.…

A: FICA refers to Federal Insurance Contribution Act. As per this act, the employers as well as the…

Q: , Martin had two employers during the year. Both employers withheld Social Security tax from his…

A: When an employee has social security tax which is more or RRCT tier 1 withheld , they can claim the…

Q: Sunny is 27 and is completing her bachelor's degree at an accredited college during 2019. She paid…

A: AGI: The income computed from gross income and henceforth is used to compute the income that is…

Q: Arabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last…

A: The part of your gross income that is used to determine how much tax you owe in a given tax year is…

Q: Preston and Anna are engaged and plan to get married. During 2019, Preston is a full-time student…

A: Preston filling single Anna filling single Gross income and AGI 5,800 55,000 Standard…

Q: Jim Planter, who reached age 65 on January 1, 2021, filed a joint return for 2021 with his wife,…

A: As per IRS dependents can be a qualified relative or can be a qualified child

Q: Meghan, a calendar year taxpayer, is the owner of a sole proprietorship that uses the cash method.…

A: Solution- You Record the Entire Expense in the year  of Payment, under cash basis  of accounting.…