Shelby has net investment income of $ 15,035 and wage income of $65,000 . She paid investment interest expensive of $15,350. What is Shelby's deduction for investment interest expense?

Dennis is a self-employed hair stylist who operates a salon in his home. The property taxes and interest allocated to the business amount to $5,000, maintenance and utilities allocated to the business total $2,100, and depreciation allocated to the business use of the home equals $3,100 for the current tax year.   a. ​ If Dennis' gross revenue after deducting supplies for his business is $5,900 for the current tax year, calculate his allowable deductions for the home office.             b. ​ If Dennis' gross revenue after deducting supplies for his business is $13,800, calculate his allowable deductions for the home office.

Suppose you made $63,245 of income from wages and $784 of taxable interest. You also made contributions of $6000 to a tax deferred retirement account. You have 3 dependents and file as single. The standard deduction is 3500 and the exemption amount is 5500 per exemption. What is your Taxable Income? Answer to the nearest dollar. 70 hp * M اشت

If you are not self-employed and earn $86,000, what are your FICA taxes

A man earned wages of $38,100, received $1800 in interest from a savings account, and contributed $3400 to a tax-deferred retirement plan. He was entitled to a personal exemption of $4050 and had deductions totaling $6350. Find his gross income, adjusted gross income, and taxable income. His gross income was $ (Simplify your answer.) C

Tin rents her beach house for 60 days and uses it for personal use for 30 days during the year. The rental income is $6,000 and the expenses are as follows: Mortgage interest $9,000 Real estate taxes 3,000 Utilities 2,000 Maintenance 1,000 Insurance 500 Depreciation (rental part) 4,000 Using the IRS approach, total expenses that Tin can deduct on her tax return associated with the beach house are: a.$6,000. b.$0. c.$8,000. d.$12,000.

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Ferran operates a boutique yarn store from their own. The store had accountingincome after tax of $50,000. Already deducted from that number are depreciation of$5,000, financing fees of $2,500, and salaries to arm's length employees of $10,000.CCA would be $4,000.Calculate Ferran's taxable income based on what you know about them?

3.  Fess receives wages totaling $75,700 and has net earnings from self-employment amounting to $61,300. In determining her taxable self-employment income for the OASDI tax, how much of her net self-employment earnings must Fess count?

Carrie, a single taxpayer, finished her undergraduate degree using money from a student loan. She earned $56,000 her first year and paid $2,600 in interest in 2021. She can take a deduction for student loan interest in the amount of: a.$0 b.$2,500 c.$2,600 d.$1,500 e.None of these choices are correct