Mrs. Heather Jones is married with two children and owns a CPA firm and has the following earnings Heather pays herself a salary of $50,000 annually. Firm Net Income 98,500 Capital Gain $1,000 Capital loss (2,000) Rental Income $1,525 Self-employment Tax $13,918 Standard deduction Individual $12,000 Standard deduction MFJ/Qualified Widow $24,000 Itemized deduction $5,000 What is her taxable income in 2018?
Mrs. Heather Jones is married with two children and owns a CPA firm and has the following earnings Heather pays herself a salary of $50,000 annually. Firm Net Income 98,500 Capital Gain $1,000 Capital loss (2,000) Rental Income $1,525 Self-employment Tax $13,918 Standard deduction Individual $12,000 Standard deduction MFJ/Qualified Widow $24,000 Itemized deduction $5,000 What is her taxable income in 2018?
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 4P: In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and...
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3.
Transcribed Image Text:Mrs. Heather Jones is married
with two children and owns a
CPA firm and has the following
earnings
Heather pays herself a salary of
$50,000 annually.
Firm Net Income 98,500
Capital Gain $1,000
Capital loss (2,000)
Rental Income $1,525
Self-employment Tax $13,918
Standard deduction Individual
$12,000
Standard deduction
MFJ/Qualified Widow $24,000
Itemized deduction $5,000
What is her taxable income in
2018?
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