For 2018, Roberta is a self-employed truck driver with earnings of $45,000 from her business. During the
Question:
For 2018, Roberta is a self-employed truck driver with earnings of $45,000 from her business. During the year, Roberta received $2,500 in interest income and dividends of $500. She also sold investment property and recognized a $1,500 gain. What is the amount of Roberta’s self-employment tax (Social Security and Medicare taxes) liability for 2018?
a. $2,790
b. $3,443
c. $6,358
d. $6,885
e. $7,344
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
Answered By
Bhartendu Goyal
Professional, Experienced, and Expert tutor who will provide speedy and to-the-point solutions. I have been teaching students for 5 years now in different subjects and it's truly been one of the most rewarding experiences of my life. I have also done one-to-one tutoring with 100+ students and help them achieve great subject knowledge. I have expertise in computer subjects like C++, C, Java, and Python programming and other computer Science related fields. Many of my student's parents message me that your lessons improved their children's grades and this is the best only thing you want as a tea...
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
Question Posted:
Students also viewed these Business questions
-
Which of the following amounts paid by an employer to an employee is not subject to withholding? a. Salary b. Bonus c. Commissions d. Reimbursement of expenses under an accountable plan e. All of the...
-
Thomas is a self-employed plumber under the age of 50. His earnings from self- employment, before the Keogh deduction but after deducting half of the self-employment tax, are $80,000. What is his...
-
During 2018, Jerry is a self-employed therapist, and his net earned income is $160,000 from his practice. Jerrys SEP Plan, a defined contribution plan, states that he will contribute the maximum...
-
solve system of equation: 22-4=4 81+y = -9 @solve the system of equation: x-Y = -5 xy = -3 find larger and smuller value and intersection point. 3) Solve following system of equation 2 x+y=0- 2 x -...
-
Swimtech Pools Inc. (SPI) reported the following in its financial statements for the quarter ended March 31, 2013. December 31, 2012 March 31, 2013 Common Stock, $1 par, 50,000 shares outstanding...
-
Transactions related to Ives Companys shareholders equity (far left column) are listed in the following table. For each line you are provided with three choices of impact of the transaction on the...
-
Journalize the following transactions for Antique Furniture, Inc., that occurred during the month of January. Jan 3 Purchased $5,700 of merchandise on account, terms 1/10, n/30, FOB shipping point....
-
Suppose you have quarterly data on new housing starts, interest rates, and real per capita income. Specify a model for housing starts that accounts for possible trends and seasonality in the...
-
The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$5 par value, 100,000 shares...
-
Draw each of the following vectors, label an angle that specifies the vectors direction, then find its magnitude and direction. a. B(vector) = -4i + 4j b. r(vector) = (-2.0i - 1.0j) cm c. v(vector) =...
-
Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $80,300. They have excess depreciation on real estate of $67,500, which must be added...
-
Bob employs a maid to clean his house. He pays her $1,040 during the current year. What is the proper tax treatment of the Social Security and Medicare tax for the maid? a. Bob is not required to pay...
-
Jones Ltd. has a budgeted activity level of 50,000 direct labour hours and budgeted production overheads of Rs. 100,000. You are required to calculate the underabsorbed and overabsorbed overheads,...
-
QUESTION 8: The safety coefficient of a pin with a breaking stress of Tmax (kg/cm) on a ship is "EKS". In order for the pin to be used safely without being cut, find the force (Pem) that can be...
-
Kitchen Helper Company decides to produce and sell food blenders and is considering three different types of production facilities ("plants"). Plant A is a labor-intensive facility, employing...
-
Kirby Financial periodically repurchases (but never retires) its common shares. On January 1, 2023, Kirby repurchased 3 million common shares for $15 per share. On March 15, 2023, Kirby repurchased...
-
Question 6: Below you have been provided the price for Stock A and the S&P 500 index for a period-of-time: Stock A S&P 500 Index 2019 June July August 32.27 32.75 30.87 September 29.49 October 31.83...
-
For the SLR model y = Bo+Bxiui, with y; as the IBM stock return and x, as the market return (CAPM) that are both in original units, e.g., 0.05 means 5% monthly return. = Show that Avi B, i.e., the...
-
Mr. Smith acquired a property consisting of one acre of land and a two-story building five years ago for $100,000. He also obtained an $80,000 mortgage loan from ACE Bank to provide financing to...
-
A stock has had returns of 8 percent, 26 percent, 14 percent, 17 percent, 31 percent, and 1 percent over the last six years. What are the arithmetic and geometric average returns for the stock?
-
Which of the following factors is not considered by the IRS in determining whether an activity is a hobby? a. Whether the activity is conducted like a business. b. The time and effort expended by the...
-
Carol maintains an office in her home where she conducts a dressmaking business. During the year she collects $4,000 from sales, pays $1,300 for various materials and supplies, and properly allocates...
-
Cindy operates a computerized engineering drawing business from her home. Cindy maintains a home office and properly allocates the following expenses to her office:...
-
Westerville Company reported the following results from last year's operations: Sales Variable expenses Contribution margin Fixed expenses Net operating income Average operating assets $ 1,300,000...
-
Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.15%. On the last day of every month, the accrued interest must be paid. On July...
-
21. Draw the Lewis structure of carbonate ion (CO32) showing all possible resonance structures if there are any. Determine the formal charge of each atom. 22. Draw the Lewis structure of ozone (O3)...
Study smarter with the SolutionInn App