Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tax Question Updated A streamer named Lynn started working late in the year. She started working in September, for a social media company. The headquarters

Tax Question Updated

A streamer named Lynn started working late in the year. She started working in September, for a social media company. The headquarters to this company is located in Singapore, LTD. Lynn works from home as a streamer. Lynn purchased items for her social media job.

Expenses:

  1. Ring Light w/ remote control -200.00
  2. Laser light with Bluetooth 50.00

Lynn was paid in the in-app beans, which the streamer could cash out through PayPal, checking account, or CashApp.

The streamer cashed out 7 times:

1. 779.00

2. 780.00

3. 265.00

4. 715.00

5. 345.00

6. 500.00

7. 96.00

In January of the following year, Lynn did not receive a w-2. The social media company stated that they dont provide tax documents. All of their streamers are considered independent contractors. Lynn has never worked for a company that dont send a w-2 or 1099.

Lynn currently lives in San Diego, California, she files head of household, she has 1 child, hes 17 years old. No one else can claim Lynn or her child. Lynn has a total of 2.

She had a few deductions and donations:

Medical deduction: 500.00

Dental deductions: 6,000.00

Donations in cash: 200.00 (Red Cross)

  1. How should Lynn file her taxes?
  2. What are the forms and the steps to file her taxes ?
  3. Will she get a refund or will she owe taxes?
  4. How much will her federal tax refund will be?
  5. How much will her California tax refund will be?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions

Question

What are the challenges associated with tunneling in urban areas?

Answered: 1 week ago

Question

What are the main differences between rigid and flexible pavements?

Answered: 1 week ago

Question

What is the purpose of a retaining wall, and how is it designed?

Answered: 1 week ago

Question

How do you determine the load-bearing capacity of a soil?

Answered: 1 week ago

Question

what is Edward Lemieux effect / Anomeric effect ?

Answered: 1 week ago