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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
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 $ 21,961 X and she has a $ 10,980 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. Problem 11-34 (LO. 5) Carri and Dane, ages 34 and 32, respectively, have been married for 11 years, and both are active participants in employer-qualified retirement plans. Their total AGI in 2019 is $196,000, and they earn salaries of $87,000 and $95,000, respectively. Click here to access Exhibit 11.2. Compute the following amounts. If an amount is zero, enter "0". Do not round intermediate computations. Amount a. The amount each can contribute to a regular IRA. b. The amount each can deduct for regular IRA contributions. C. The amount each can contribute to a Roth IRA. d. The amount each can deduct for Roth IRA contributions. $Step by Step Solution
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