In 2017, Miranda records net earnings from self-employment of $146,000. She reports no other gross income. Determine

Question:

In 2017, Miranda records net earnings from self-employment of $146,000. She reports no other gross income. Determine the amount of Miranda's self-employment tax and her for AGI income tax deduction.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities

ISBN: 9781337386173

21st Edition

Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney

See More Books

Question Posted: Oct 31, 2017 01:40 AM

See More Questions

In 2016, Miranda records net earnings from self-employment as an interior decorator of $146,000. She also earned a $50,000 salary from her work at a design studio. Determine the amount of Miranda's...
In 2018, miranda records net earnings from self-employment of $146,000. She reports no other gross income. Determine the amount of Miranda's self-employment tax and her for AGI income tax deduction.
Multiple Choice 1. Which of the following is an individual-sponsored pension plan? a. Defined benefit plan. b. Keogh plan. c. Roth IRA. d. SIMPLE plan. 2. Which of the following statements is true?...
Average rates of return on Treasury bills, government bonds, and common stocks, 1900-2020. Average Annual Average Premium (Extra Rate of Return return versus Treasury (8) bills) (%) Portfolio...
A certain triple-star system consists of two stars, each of mass m, revolving in the same circular orbit of radius r around a central star of mass M (Figure).The two orbiting stars are always at...
Predict the shift in the equilibrium position that will occur for each of the following reactions when the volume of the reaction container is increased. a. N2(g) + 3H2(g) 2NH3(g) b. PCl5(g) ...
The method of costing applied in biscuit industry is process costing.
On January 1, 2013, Tonge Industries had outstanding 440,000 common shares (par $l) that originally sold for $20 per share, and 4,000 shares of 10% cumulative preferred stock (par $100), convertible...
2. Explain with the help of a graph how an increase in the relative price of cloth affects its relative supply.
How has the study of finance changed since the beginning of the twentieth century?
Harvey is a self-employed accountant with earned income from the business of $120,000 (after the deduction for one-half of his self-employment tax). He has a profit sharing plan (e.g., defined...
Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111)....
The income statement of Jones Company for the year ended December 31, 2010, follows. Required a. Compute the net earnings remaining after removing nonrecurring items. b. Determine the earnings (loss)...
3 Below is financial information for December Inc., which manufactures a single product: 4 5 5 7 3 #units produced October Low activity November High activity 7,000 11,000 Cost of goods manufactured...
(b) The satellite's booster rockets fire and lift the satellite to a higher circular orbit of radius 2R1. The satellite follows the path shown in the diagram below, moving a total distance S during...
D. An airplane flies at a speed of 250 kilometers per hour (kph) at an altitude of 3000 m. Assume the transition from laminar to turbulent boundary layers occurs at critical Reynolds Number, RE cr, =...
1. (35 points) by Qet = QoQ = Q0Q2 N!37 N/A (1-B, (r), where A- B(T) V * 4R (e-(R)/KT - 1) R dR is the second virial coefficient. The classical partition function for an imperfect gas comprising N...
es Farm has 28 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2021. Gross Pay 85,950.00 EI Premium Income Taxes...
Determine C T for each circuit in Figure 965. (a) 47 pF FIGURE 9-65 10 pF 0.001 F (b) 0.1 F 0.01 F 0.001 F 10,000 pF T
You are the newly appointed tax practitioner to complete Emilys tax return and have downloaded the prefill report for Emilys tax return (hint, you can read what a prefill report is here (Links to an...
Diana, a partner in the cash basis HDA Partnership, has a one-third interest in partnership profits and losses. The partnerships balance sheet at the end of the current year is as follows: Diana...
When a partnership interest is sold during the partnerships taxable year, how is the income allocated between the buying partner and selling partner? When is the income reported?
At the end of last year, June, a 30% partner in the four-person BJJM Partnership, had an outside basis of $75,000 in the partnership, including a $60,000 share of partnership debt. Junes share of the...
Create a Data Table to depict the future value when you vary the interest rate and the investment amount. Use the following assumptions: Interest Rates: Investment Amounts:-10.0% $10,000.00 -8.0%...
Isaac earns a base salary of $1250 per month and a graduated commission of 0.4% on the first $100,000 of sales, and 0.5% on sales over $100,000. Last month, Isaac's gross salary was $2025. What were...
Calculate the price, including both GST and PST, that an individual will pay for a car sold for $26,995.00 in Manitoba. (Assume GST = 5% and PST = 8%) a$29,154.60 b$30,234.40 c$30,504.35 d$28,334.75...

In 2017, Miranda records net earnings from self-employment of $146,000. She reports no other gross income. Determine

Question:

Step by Step Answer:

Determining the amount of selfemployment tax to be paid involves several steps 1 ...View the full answer

South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities

Students also viewed these Taxation questions