Question
Henrich is a single taxpayer. In 2020, his taxable income is $451,000. His $451,000 of taxable income includes $55,000 of long-term capital gain that is
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Henrich is a single taxpayer. In 2020, his taxable income is $451,000. His $451,000 of taxable income includes $55,000 of long-term capital gain that is taxed at preferential rates. What is his tax liability (including the net investment income tax)?
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Brooke works for Company A for half of 2020, earning $60,000 in salary and she works for Company B for the second half of 2020, earning $91,000 in salary. What is Brookes FICA tax obligation for the year?
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Eva received $58,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $5,000 in business expenses relating to her work for JAZZ, Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,400. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for the year?
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Eva received $58,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $5,000 in business expenses relating to her work for JAZZ, Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,400. Assume that Eva is considered to be an employee. What is her regular income tax liability for the year?
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Eva received $58,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $5,000 in business expenses relating to her work for JAZZ, Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,400. Assume that Eva is considered to be self-employed. What amount of self-employment taxes is she required to pay for the year?
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Eva received $58,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $5,000 in business expenses relating to her work for JAZZ, Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,400. Assume that Eva is considered to be self-employed. What is her regular income tax liability for the year?
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