Question
Go to www.irs.gov and print Form 1040, Schedule SE, and Form 8959 for 2014. Complete the first page of Form 1040, Schedule SE, and Form
Go to www.irs.gov and print Form 1040, Schedule SE, and Form 8959 for 2014. Complete the first page of Form 1040, Schedule SE, and Form 8959 for Angelina, a single individual, who reports $275,000 of net profit on her Schedule C from her sole proprietorship for 2014.
a. What is Angelina's:
1. Adjusted gross income for 2014? $
2. Selfemployment tax for 2014? $
3. Additional Medicare tax for 2014? $
b. What:
1. Adjusted gross income does Angelina expect in 2015 assuming her income remains the same? $
2. Selfemployment tax does Angelina expect in 2015 assuming her income remains the same? $
3. Additional Medicare tax does Angelina expect in 2015 assuming her income remains the same? $
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