Answered step by step
Verified Expert Solution
Question
1 Approved Answer
In March of 2020, Billie, 33, quit her corporate job and started her own personal training business. After a feature in Best Body magazine last
In March of 2020, Billie, 33, quit her corporate job and started her own personal training business. After a feature in Best Body magazine last year, Billie became a highly sought-after trainer with many celebrity clients. During 2022, Billie had the following transactions related to her self-employment: - $380,000 of service revenues - $40,000 of deductible business expenses - $18,000 of health insurance premiums for herself Billie is single and is a cash method, calendar year taxpayer. a. What amount will Billie report as Gross Income on her 1040 ? $ b. What is Billie's Social Security obligation for the year? c. What is Billie's total Medicare obligation for the year? d. What is Billie's Adjusted Gross Income
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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