Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 Andrea has wages of $95,000 and net income from a small unincorporated business of $40,000 for 2019. (Click on the icon to view the

image text in transcribed1 image text in transcribed

Andrea has wages of $95,000 and net income from a small unincorporated business of $40,000 for 2019. (Click on the icon to view the self-employment tax rate table.) Requirements a. What is the amount of Andrea's self-employment (SE) tax and deduction for AGI for her SE tax? b. How would your answer to Part a change if Andrea's wages were $ 155,000 rather than $95,000? Requirement a. What is the amount of Andrea's self-employment (SE) tax and deduction for AGI for her SE tax? Begin by completing the table below to show Andrea's SE tax for 2019 and then enter her deduction for AGI for her SE tax. (Round all currency amounts to the nearest whole dollar. Abbreviations used: OASDI = old-age, survivors, and disability insurance; HI = hospital insurance [Medicare].) SE tax for OASDI i Reference SE tax for HI Total SE tax Category Rate 12.4% OASDI Dollar Limit $132,900 First $200,000 of self-employment income ($250,000 combined self employment income for joint returns) Self-employment income greater than $200,000 ($250,000 for joint returns) Medicare 2.9% Medicare 3.8% En op Andrea has wages of $95.000 and net income from a small incorporated business of $40.000 for 2019 Cick on the loon to view the self-employment tax rate table) Requirements a. What is the amount of Andrea's self-employment (SE) tax and deduction for AGB for her sex? b. How would your answer to wachange it Andrea's wages were 18.000 rather than 105.000 SE ? Requirement. What is the amount of Andrea's employment () tax and deduction for AGIM Begin by completing the table below to show Andrea's Ex for 2018 and enter her deduction nuance: Hihopalance Medical Al for her Round a n y amount to rest whole da Abreviations et OASO unor and SE tax for OASDI SE tax for Reference Total se tax Category OASI Rate 12.4% Dollar Limit $132.900 First $200,000 of employment income ($250,000 combined sol employment income fortrolumns) Sell employment income greater than $200,000 ($250,000 forint retums) Medicare 2.9% 3.8% Print Done

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting for Governmental and Nonprofit Entities

Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus

15th Edition

978-0256168723, 77388720, 256168725, 9780077388720, 978-007337960

More Books

Students also viewed these Accounting questions

Question

Follow the step-by-step process for creating a summary

Answered: 1 week ago