An individual has year-to-date earnings prior to the current period of $129,000, earns $3,600 during the current period, and has a tax return filing status as single. Her self-employment taxes are $_____.
As per latest tax bracket a single filers has to pay 14,089.50 and 24% of the amount over $82500 for the taxable income bracket between $82,501 to $157,500.
So, her self-employment taxes are (157500-82500)*24%+14089.50 or $32089.5 for prior to current period. (Considering all of her earning are taxable income)
She has to file tax at the end of current period for her current year taxable income.
An individual has year-to-date earnings prior to the current period of $129,000, earns $3,600 during the...
Additional Medal Points For the current pay period, compute the following for the employees. Note: Round each to the nearest cent and if an amount is zero, enter "0". Bode has cumulative earnings of $54,800. His current earnings are $3,014.00. Bode's 2019 OASDI withholding is: $ And his 2019 HI withholding is: $ Dale's current earnings total a gross amount of $7,095.00. Year to date he has earnings of $129,000. Dale's 2019 OASDI withholding is: $ And his 2019 HI...
A business employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,200, $46,700 and $500. During the current pay period, these employees earn $2,100, $1,140 and $920, respectively. Taxable earnings subject to FUTA tax = $
For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files tax returns under Married Filing Jointly status. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Annabelle Jefferson earns net self-employment income of $43,500. She does not work a second job. Self-Employment tax = ______ 2: Alexander Ryan earns net self-employment income of $115,000. He works a second job from...
1. Reba divorced her husband several years back. In the current year (2020), she received $87,000 in salary, $25,000 in child support from her ex-husband, and $4,500 in interest income. Her three children, Cheyenne, Jake, and Kyra, lived with her this year but only Jake and Kyra qualify as her dependents and count as qualifying persons for determining filing status. In addition, she has $6,000 in total itemized deductions available for the year. Assume she is not subject to AMT,...
The standard filing due date for the income tax return of a single individual who is not self-employed for the current taxation year is ________. A. April 30 of the subsequent taxation year B. June 15 of the subsequent taxation year C. December 31 of the current taxation year D. December 31 of the subsequent taxation year
During the current year, Seth, a self-employed individual, paid the following taxes: Federal income tax $15,000 State income tax $8,500 Real estate taxes on land in South America (held as an investment) $1,000 State sales taxes 300 Personal property taxes based upon value $1,600 Federal self-employment tax $ 800 What amount can Seth claim as an itemized deduction for taxes paid during the current year? a.$11,400 b.$10,000 c.$10,100 d.$9,500 e.None of these choices are correct.
If an individual paid income taxes in the current year through withholding but did not file a current-year return because his income was insufficient to require the filing of a return, the deadline for filing a refund claim is A. 2 years from the date the tax was paid. B. 2 years from the date a return would have been due. C. 3 years from the date the tax was paid. D. 3 years from the date a return would...
An employee earns $9,450 for the current period. The cumulative earnings of previous pay periods is $110,000. Social security tax applies to the first $117,000 of employee earnings. Calculate the total and individual amounts to be withheld for social security (6.2%), Medicare (1.45%) and federal income tax (15%).
An employee earns $8,500 for the current period. The cumulative earnings of previous pay periods is $100,900. Social security tax applies to the first $128,400 of employee earnings. Calculate the total and individual amounts to be withheld for social security (6.2%), Medicare (1.45%) and federal income tax (15%). please show work
Ellen uses the head of household filing status and has a dependent daughter. Ellen has self-employment income of $310,000 as an architect and $10,000 of self-employment losses from a jewelry making business. a. What is Ellen’s 0.9% additional Medicare tax for 2018? b. Is Ellen allowed to include a portion of the 0.9% additional Medicare tax in computing the deduction for self-employment taxes reported as an adjustment for AGI on the front page of her income tax return?