BeBe is an attorney. She has a regular job for a large nonprofit agency for which she was paid $100,000 salary for 2019, which was subject to FICA (social security) withholding. She also worked on the side in a legal consulting practice, self-employed, and earned $30,000 net income from this. How much is her self-employment tax for 2019?
BeBe is an attorney. She has a regular job for a large nonprofit agency for which...
John has 2 jobs in 2019. He earned the following: Job 1 Job 2 Salary 80,000 60,000 Federal Withholding tax 15,000 10,000 Social Security 4,960 3,720 Medicare 1,160 870 1. If John’s 2019 federal income tax is calculated at $ 23,500, how much will John receive as a refund on his 2018 federal income tax return? Assume John has Job 1, but instead of Job 2, he earned $ 60,000 as a self-employed Carpenter. Calculate John’s Self-employment tax.
include procedure
9. Assume that Samson and Delilah's Gross Alternative Minimum Tax is $16.320 and that their regular income tax computed using the normal rules and tables is $15,030. The following is true: A. Samson and Delilah have to pay a total tax of $15,030. B. Samson and Delilah have to pay a total tax of $16,320 C. Samson and Delilah have to pay a total tax of $1,290. D. The Alternative Minimum Tax is not applicable to John and...
Serena is a 40-year-old single taxpayer. She operates a small business on the side as a sole proprietorship. Her 2018 Schedule C reports net profits of $5,624. Her employer does not offer health insurance. Serena pays health insurance premiums of $7,545 in 2018. Serena also pays long-term care insurance premiums of $600 in 2018. Calculate Serena’s self-employed health care deduction. $____________ Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2018, Evan has...
Jane Smith, age 40, is single and has no dependents. She is employed as a legal secretary by Legal Services, Inc. She owns and operates Typing Services located near the campus of Florida Atlantic University at 1986 Campus Drive. Jane is a material participant in the business. She is a cash basis taxpayer. Jane lives at 2020 Oakcrest Road, Boca Raton, FL 33431. Jane's Social Security number is 123-45-6789. Jane indicates that she wants to designate $3 to the Presidential...
[20] Bob, a calendar-year, cash-basis taxpayer, owns an insurance agency. Bob has four people selling insurance for him. The salesmen incur ordinary and necessary meal and entertainment expenses for which Bob reimburses them monthly. During the current year, Bob reimbursed his agents $10,000 for meals and $26,000 for entertainment. How much of the reimbursement can Bob deduct for meal and entertainment expenses on his current-year federal income tax return? A. $5,000 B. $8,000 C. $30,800 D. $36,000 [21] In January...
Paul J. and Judy L. Vance are married and file a joint return. Paul is self- employed as a dentist, and Judy is a college professor. Paul and Judy have two children. The oldest is Vince who lives at home. Vince is a law student at the University of Cincinnati and worked part-time during the year, earning $1,500, which he spent for his own support. Paul and Judy provided $6,000 toward Vince’s support. Jennifer is the youngest and lived in...
Tony and Jeannie Nelson are married and file a joint return. They have four children whose ages are: 12,15,19 & 23. The three youngest live at home with their parents and qualify as their dependents. The oldest Roger got married on 5/5 2019 and lives with his wife, Jane. The 19-year old Tabitha is studying Fine Arts at Savannah College of Art & Design. During the summer she helps her mother put together the art exhibits. They provide you with...
Please builed the answer on the fallowing study book text : Types of Termination Payments. Payments made on, or leading up to, the termination of employment are an important part of the process for both the employer and the employee. Employers have obligations either through employment and labour standards laws, collective agreements or organizational policy to ensure that all required payments are made on termination of employment. Employees are obviously concerned that they receive all payments owing to them. Under...
PLEASE SHOW WORK
ASAP
Margaret O'Hara has been divorced for about two years. She is 28 years old, and her address is 979 Adams Street, Jacksonville, FL 32202. Additional information about Ms. O'Hara is as follows: Social security number: 412-34-5670 Date of birth: 6/17/1990 Alimony received- $24,000.00 W-2 for Margaret shows these amounts: Wages (box 1)-$38,000.00 Federal W/H (box 2)-$ 7,820.00 Social security wages (box 3)-$38,000.00 Social security W/H (box 4) 2,356.00 Medicare wages (box 5)-$38,000.00 Medicare W/H (box 6)-...
help me with 15-20 and also the schedule 1 form with the blanks
that have 10, 21, 22, 31a, and 36
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...