Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

may I get some help please Exercise 11-9 (Algorithmic) (LO. 6) In 2019, Miranda records net earnings from self-employment of $242,100. She reports no other

may I get some help please

image text in transcribedimage text in transcribed

Exercise 11-9 (Algorithmic) (LO. 6) In 2019, Miranda records net earnings from self-employment of $242,100. She reports no other gross income. Determine the amount of Miranda's self-employment tax and her for AGI income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is $ 23,840 X and she has a $ 11,920 X deduction for AGI. Feedback Check My Work The tax on self-employment income is levied to provide Social Security and Medicare benefits (old age, survivors, and disability insurance and hospital insurance) for self-employed individuals. Exercise 11-2 (Algorithmic) (LO. 2) Mio was transferred from New York to Germany. He lived and worked in Germany for 349 days in 2019. Mio's salary for 2019 is $216,000. Assume a 365-day year. In your computation, round any division to four decimal places before converting to a percentage. For example, 0.473938 would be rounded to 0.4739. If required, round your final answer to the nearest dollar. What is Mio's foreign earned income exclusion? $ 101,258 x Feedback Exercise 11-9 (Algorithmic) (LO. 6) In 2019, Miranda records net earnings from self-employment of $242,100. She reports no other gross income. Determine the amount of Miranda's self-employment tax and her for AGI income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is $ 23,840 X and she has a $ 11,920 X deduction for AGI. Feedback Check My Work The tax on self-employment income is levied to provide Social Security and Medicare benefits (old age, survivors, and disability insurance and hospital insurance) for self-employed individuals. Exercise 11-2 (Algorithmic) (LO. 2) Mio was transferred from New York to Germany. He lived and worked in Germany for 349 days in 2019. Mio's salary for 2019 is $216,000. Assume a 365-day year. In your computation, round any division to four decimal places before converting to a percentage. For example, 0.473938 would be rounded to 0.4739. If required, round your final answer to the nearest dollar. What is Mio's foreign earned income exclusion? $ 101,258 x Feedback

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

Essentials Of Accounting For Governmental And Not-for-Profit Organizations

Authors: Paul A Copley

11th Edition

0078025451, 9780078025457

More Books

Students also viewed these Finance questions

Question

Make arguments for the union and for the employer.

Answered: 1 week ago