Answered step by step
Verified Expert Solution
Question
1 Approved Answer
> Deductions for Self-Employed Taxpayers (LO. 8) Thomas is single and a self-employed architect. During 2020, Thomas's income from his business is $164,000. He
> Deductions for Self-Employed Taxpayers (LO. 8) Thomas is single and a self-employed architect. During 2020, Thomas's income from his business is $164,000. He also pays $2,140 for a medical insurance policy. a. How should the medical insurance policy payment be reflected on his 2020 tax return? Thomas is the policy. Feedback allowed a deduction for adjusted gross income for the cost of Check My Work The deductions for adjusted gross income that self-employed taxpayers are allowed to take self-employment taxes are designed to provide some measure of equity in the treatment of individuals. b. What is his 2020 self-employment tax deduction? Round intermediate calculations and final answers to the nearest whole dollar. Thomas's self-employment tax is $ in 2020. and his deduction for adjusted gross income is $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started