Mary is a self-employed attorney. a. Assuming that Mary earns $27,500 from her practice, calculate the total amount of her self-employment tax liability for 2020. b. Assuming that Mary earns $163,000 from her practice, calculate the total amount of her self-employment tax liability for 2020. In your calculations, round all calculations to the nearest two decimals. These answers do not need to be rounded to the nearest whole dollar.

Mary is a self-employed attorney. a. Assuming that Mary earns $27,500 from her practice, calculate the total amount of her self-employment tax liability for 2020. b. Assuming that Mary earns $163,000 from her practice, calculate the total amount of her self-employment tax liability for 2020. In your calculations, round all calculations to the nearest two decimals. These answers do not need to be rounded to the nearest whole dollar.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 51P: Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys...

See similar textbooks

Similar questions

Jamar and Natasha had the following income and expenses for 2021: $45,000 in wages. $24,000 in rental income. $8,000 in rental expenses. $48,000 in self-employment receipts. $12,000 in self-employment expenses. Assuming there are no income adjustments, what is their California gross income?
Use the following information for the next two questions:Shirley is a sales clerk in a certain mall. She earned P410,000.00 in 2019.9. What is the tax rate based on the graduated tax schedule?a. 20% of the excess over P250,000b. P30,000 + 25% of the excess over P400,000c. P130,000 + 30% of the excess over P800,000d. P490,000 + 32% of the excess over P2,000,000 10.What is the tax due?a. 2,500b. 10,000c. 30,000d. 32,50
In 2020, Shelly had net earnings from her business of $160,000. What is the amount of Shelly’s self-employed tax? Round answer to nearest dollar.
Use the following information and the flow chart from the module to calculate: Adjusted gross income ( AGI) Taxable income Show your work for each calculation to receive full credit. An individual has the following information for the current tax year. Assume they do not itemize and they file as head of household. Income from wages, $80,000 Interest earned on savings, $150 IRA contribution, $5,000 Checking account interest earned, $75 Standard deduction for Head of Household: $20,800 Child and Dependent Care Tax credit, $3,000 Filing status: Head of Household
What is the taxpayer's gross income in each of the following situations? Do not type a dollar sign. Use commas when appropriate as in 3,500. If the answer is zero, type a 0. a. Myra received a salary of $80,000 from her employer, Green Construction. b. In July, Green Construction gave Myra an all-expense-paid trip to Las Vegas (value of $3,200) for exceeding her sales goals. c. Darrin received $9,000 from his employer to help him pay his medical expenses not covered by insurance, this payment is not available to all employees. d. Blake received $5,000 from his deceased wife's employer to help him in his time of greatest need." e. Austin collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wife's employer.
Determine all items that will be included and excluded from gross income on Form 1040 based on the TCJA of 2018. List all included and excluded items in column A. In column B, explain why the item is either included or excluded. Form 1040, Schedule C, Schedule D, Schedule E, Form 8949 Jenny Walters is a marketing assistant and earned $38,000 in 2018. She is 42 years old and has been divorced for five years. Jenny will claim head of household for 2018. She has a daughter, Julia, who is 20 years old. Julia is a full-time student. Here are some more tax facts: Jenny's SSN is 123-34-4567 and Julia's is 654-32-1234. Jenny's address is 100 N. Main St., Atlanta, GA 30301. Jenny receives $1,200 per month in alimony from her ex-husband. Jenny owns a rental property with the following financial data: Rental Revenue - $50,000 Expenses: Insurance - $5,000 Repairs - $10,500 Depreciation - $4,000 Jenny has interest income from corporate bonds of $2,200 and interest from municipal bonds…
Pedro is about to prepare and file his annual income tax return for the year ending December 21, 2020. Pedro is an emloyed engineering manager and he practice his profession and as a consultant. What BIR Form will be used?
1. A, resident citizen, has the following income for year 2019: Compensation income of 1,000,000 and Other income of 200,000. What is the income tax due? 2.The minimum wage in Marawi City is 550 per day. A, a laborer, earns 900 per day. He worked for 280 days in 2019. How much is the ANNUAL income tax due of A? 3. Asta, non-resident citizen has the following income for 2019: Business income in USA of 7,000,000 and; Compensation income of 2,000,000 earned in the Philippines. How much is the income tax due of Asta?
In 2020, Ms. Montibon owns a grocery store with gross receipts of P1,375,000. Her cost of sales and operating expenses are P600,000 and P400,000, respectively, and with non-operating income of P100,000.1. What business tax is due to her?2. How much is the income tax due to her?3. How much tax due if she availed the OSD?
Andrea is an employee of Fern Corporation and single. She also has her own business working as a life coach. For 2022, Andrea's wages from Fern were $210,000. Her self-employment income was $30,000. If required, round any computations to two decimal places. Round final answers to the nearest dollar. Question Content Area a. Compute the total payroll, self-employment, and additional Medicare taxes for Andrea for 2022.
Alice is single and self-employed in 2022. Her net business profit on her Schedule C for the year is $206, 000. What are her self-employment tax liability and additional Medicare tax liability for 2022? Note: Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.
How do I calculate self-employment taxes with self-employment earnings. For example Bob Marks has self-employment earnings of 149,200, what would be his total self-employment taxes for 2021.