Determine the amount of self-employment tax due for 2019, assuming that Lynette earned $30,000 in wages and
Question:
Determine the amount of self-employment tax due for 2019, assuming that Lynette earned $30,000 in wages and also earned $20,000 from a business that she owned.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (4 reviews)
The amount of selfemployment tax due for 2019 based on Lynettes reported income would be 4836 To cal...View the full answer
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
Question Posted:
Students also viewed these Business questions
-
For the past 30 years, Janice Kalinsky has been the president and owner of JK Wholesale Ltd. In contemplation of retirement, she has entered into negotiations to sell the shares of JK to Kaplan...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Carol Harris, Ph.D, CPA, is a single taxpayer and she lives at 674 Yankee Street, Durham, NC 27409. Her Social Security number is 793-52-4335. Carol is an Associate Professor of Accounting at a local...
-
In the accompanying Sales Transactions data, use Excel's filtering capability to extract a. all orders that used Paypal. b. all orders under $100. c. all orders that were over $100 and used a credit...
-
Compare bone to cartilage tissue relative to its resilience, speed of regeneration, and access to nutrients.
-
Crescent Company reported the following results for the year ended December 31, 2022, its first year of operations: Income (per books before income taxes) 2,000,000 Taxable income 3,200,000 The...
-
How do you explain the relationship between substitutability and power? LO.1
-
1. Of the five facts that contributed to Kolds failure, which one do you think was the most damaging? Explain your answer. 2. Describe the feasibility analysis that Keurig Kold should have conducted...
-
Many stocks pay coupon payments to the shareholders. A) True B) False
-
What Code Section immediately follows Code Sec. 280?
-
Allen has taxable income of $75,475 for 2019. Using the Tax Rate Schedules in the Appendix, compute Allen's income tax liability before tax credits and prepayments for each of the following filing...
-
How has financial market integration affected interest rate movements?
-
Assume a Poisson distribution with =5.6. Find the following probabilities. a. X=1 b. X <1 c. X>1 d. X1 a. P(X=1)= (Round to four decimal places asneeded.) b. P(X <1)= (Round to four decimal places...
-
345879 The any reported the following January purchases and sales data for its only prauct. The company uses a perpetual inventory system. REQUIRED: Determine the cost assigned to ending inventory...
-
How do changing geopolitical landscapes, such as shifting alliances and emerging power centers, influence conflict resolution strategies, and what adjustments are necessary to address new global...
-
50 21 2. Determine the inclination and period of the satellite which produced the ground trace below. Show all calculations. Suteite 17 11-140-130-120-110 tonn an 20 6058 am 50 210 0 10 20 30 50 60...
-
This activity aims to provide practical experience in preparing tax forms related to business income and depreciation. It emphasizes the importance of accurate reporting and adherence to tax...
-
Design Likert, semantic differential, and Stapel scales for measuring consumer preferences for various automobile brands.
-
An 8.0 kg crate is pulled 5.0 m up a 30 incline by a rope angled 18 above the incline. The tension in the rope is 120 N, and the crates coefficient of kinetic friction on the incline is 0.25. a. How...
-
Mark Moody has adjusted gross income of \(\$ 50,000\) for 2018 . During the year, he gave his church \(\$ 3,000\) cash and land having a fair market value of \(\$ 40,000\) and a basis of \(\$...
-
Frank Freshman mailed a check for $200 on December 30, 2018, in part payment of a $350 pledge he made to State University on November 1. The University did not deposit the check until January 3,...
-
Matilda Moore has \(\$ 21,000\) of investment interest expense and \(\$ 7,000\) of net investment income in 2018. How much of the investment interest expense is deductible for tax purposes in 2018?
-
Question 4. - Week 9. What are the major competitive issues General Electric faces when managing cooperative strategies? - (7 marks)
-
All of the following are roles of a derivative exchange EXCEPT: _____. A) maintaining margin requirements on futures contracts B) reducing the default risk on forward contracts C) performing daily...
-
you are analyzing the cost of debt for a firm. Do you know that the firms 14 year maturity, 7.8 Percent coupon bonds are selling at a price of $834. The Barnes pay interest semi annually. If these...
Study smarter with the SolutionInn App