Thomas is a self-employed plumber under the age of 50. His earnings from self- employment, before the

Question:

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 deductible Keogh contribution for 2017?

a. $54,000.

b. $20,000.

c. $18,000.

d. $16,000.

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

Step by Step Answer:

Related Book For book-img-for-question

Fundamentals Of Taxation 2018

ISBN: 9781259713736

11th Edition

Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler

See More Books

Question Posted: Nov 19, 2018 12:50 PM

See More Questions

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?...
1. 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...
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...
Answer the following question based on the information presented for Cloud 9 in the appendix to this text and the current and earlier chapters. You should also consider your answers to the case study...
Identify the distribution used as an approximation to the true distribution of the K-statistic for a Kruskal-Wallis test.
A stationary platform which can rotate freely about a vertical axis (Fig. 1.72) supports a motor M and a balance weight N. The moment of inertia of the platform with the motor and the balance weight...
Calender variance arises because of extra or less number of working days than - ----------.
Johnson Electronics makes calculators. Consumer satisfaction is one of the top priorities of the companys management. The company guarantees the refund of money or a replacement for any calculator...
True or False. Netting is a technique that optimizes cash flows by reducing the administrative and transaction costs that result from currency conversion.
Mr. Harish Jain, CEO of Energetic Enterprises has established the firm for the manufacture and marketing of an innovative product. The firm earned a reputation for its product within two years of its...
A participant in a 401(k) plan under the age of 50 may contribute up to what amount in 2017? a.$5,500. b.$12,500. c.$18,000. d.$54,000.
Sydney Brenner and A. O. W. Stretton found that nonsense mutations did not terminate polypeptide synthesis in the rII gene of the bacteriophage T4 when these mutations were located within a DNA...
Use the first four rules of inference to derive the conclusions of the following symbolized arguments.
Imagine trying to manage and accommodate the needs of more than 185,000 people at once. Imagine a variety of voices, languages, cultures, ethnic backgrounds, families, lifestyles, ages, and...
Question 1 Case Study Cross-Boundary Teaming for Innovation: Integrating Research on Teams and Knowledge in Organizations In a growing number of cases, teams span organisational boundaries, not just...
Article Assignment Select a business article from a professional news source's business section or professional journal. The article selected is not to be opinion driven. Provide a personal opinion...
Research can be conducted for a variety of reasons including searching for effective change strategies that allow followers to perceive of someone as a leader rather than a manager or studying a...
The revenue recognition principle and the expense recognition principle require that the company recognize related revenue and expense transactions in the same accounting period. Discuss why this...
In Exercises solve the Bernoulli differential equation. The Bernoulli equation is a well-known nonlinear equation of the form that can be reduced to a linear form by a substitution. The general...
For the given transfer function: Vo(s) / Vi(s) = (s^2C^2R^2 + 1) / (s^2C^2R^2 + 4sCR + 1) Assumiing that 1/(CR) = 120 PI so write the matlab code to find the magnitude plot
For each of the following cases, indicate the amount of the foreign-earned income exclusion. (Disregard the effect of exemptions for certain allowances under Sec. 912.) a. Sam, a U.S. citizen, is an...
On January 5, 2017 Rita left the United States for Germany, where she had accepted an appointment as vice president of foreign operations. Her employer, USA Corporation, told her the assignment would...
During bankruptcy, USA Corporation debt was reduced from $780,000 to $400,000. USA Corporations assets are valued at $500,000. USAs NOL carryover was $400,000. a. Is USA Corporation required to...
Transcribed image text
QUESTION 20 Assume a company reported the following results Sales Net operating income Average operating assets Margin Turnover Return on investment (ROI) 5300,000 2 $240.000 40% ? 2 What is the net...
2. Using the graph provided below, determine the fixed cost, the total variable cost, the variable cost per unit, and the TOTAL COST to produce 60 units. Fixed Cost ______________ Variable Cost...

Thomas is a self-employed plumber under the age of 50. His earnings from self- employment, before the

Question:

Step by Step Answer:

d 16000 80000 ...View the full answer

Fundamentals Of Taxation 2018

Students also viewed these Business questions