Zach Morton is self-employed as a plumber for all of 2019. Zach is also an employee...
- Zach Morton is self-employed as a plumber for all of 2019. Zach is also an employee of Overnight Security on the weekends. For 2019, Zach received a w-2 from Overnight showing $29,000 in income. Overnight does not provide any health insurance. Zach’s plumbing business has 42,000 in revenue and 18,000 in expenses. Zach purchases health insurance during 2019 and pays $210 per month for all 12 months. If these are the only items of income and expense for 2019, what is Zach’s AGI in 2019?
Homework Answers
Income from Salary $29,000
(+) Net income from self employment $24,000 (42,000-18,000)
(-) Self employed heath insurance paid $(2,520) (210*12)
AGI $50,480
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Zach Morton is self-employed as a plumber for all of 2019. Zach
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Note: This problem is for the 2018 tax year. Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred and Beulah will file a joint return for 2018. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted "old" as her married name. They live at 211 Brickstone...
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Use
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