Answered: Barbara Jones, single, owns and… | bartleby

SWFT Comprehensive Vol 2020

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter15: Taxing Business Income

Section: Chapter Questions

Problem 21P

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Question

Barbara Jones, single, owns and operates the following businesses in 2023. None of these are specified service
businesses:
Business
Marigold Decorations
Barbara's Cookies
Barbara's Snow Supplies
No
QBI
$98,000
$64,000
($45,200)
Combined QBI deduction
W-2 wages
$12,600
$0
$4,900
Her modified taxable income is $401,000. Can she ignore the loss from Barbara's Snow Supplies in calculating her
QBI deduction? (If she can ignore loss, enter amount as O. Do not leave any answer filed
Property
$0
$0
$0
116,800

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Which of the following will result in the recognition of gross income? Gail's employer allows her to set aside $ 4,000 from her wages to cover the cost of daycare for Gail's four-year-old daughter. Gail's daycare costs are $ 4,300 for the year. Hannah purchases a new sofa from her employer, Sofas-R-Us, for $ 1,200. The cost of the sofa to the furniture store is $ 1,100 and the sofa normally sells for $ 1,700. Jayden's employer purchases her commuting pass for the subway at a cost of $ 225 per month. Havana is a lawyer. The law firm she works for pays for her subscription to Lawyer's Weekly, a trade magazine for attorneys. None of the above will result in recognition of gross income.
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11.Bonnie owns a hardware store. During the year, Bonnie gives business gifts having the indicated costs to the following individuals: Mrs. Johnson (a customer) $37 plus $3 for shipping. Mr. Johnson, (non client husband of Mrs. Johnson) $10 Ms. Doncan (a customer) $22 What is the amount of Bonnie's deduction for business gifts?
Katrina has wages of $161,000 in 2023. She also operates a small business that generated net profits of $10,000. What is Katrina's total self-employment tax? a. So b. $267.82 c. $290.00 d. $ 1,530.00
during 2017, Regina, a sole proprietor, had the following income and expenses from herhome jewelry business. Regina is also employed as an office assistant at a local business. W-2 wages from employer$28,000 Proceeds from jewelry sales15,000 Supplies for jewelry5,000 Travel for jewelry1,400 Charitable contributions to church3,000 a.What income or loss should be reported on Schedule C? b.What is Regina's AGI?
Nancy owns a small dress store. During 2015, Nancy gives business gifts having the indicated cost to the following individuals: Mrs Johns (a customer) : $37 plus $3 shipping Mr. Johns (nonclient husband of Mrs. Johns) : $10 Ms. Brown (a customer): $22 What is the amount of Nancy's deduction for business gifts? a. $ 0 b. $ 50 c. $ 53 d. $ 62 e. None of the above
Pure Self-Employment Architect Adira offers architectural design services. She is also the sole proprietor of Aza Art Supplies store. In 2018 her gross receipts from services amounted to P750,000 while her gross sales from the store was P1,500,000. She has availed of the 8% income tax rate. Compute for Arch. Adira's income tax liability for 2018. If Architect Adira (above) did not opt to be taxed at the 8% income tax rate, what will be her income tax due assuming that his 2018 cost of sales was P1,100,000 and operating expenses 450,000?
Hello! I need help with this problem. The first one is good, but the rest are wrong. Thank you for helping me. Problem 2-21 (LO. 1) Purple Company has $200,000 in net income for 2018 before deducting any compensation or other payment to its sole owner, Kirsten. Kirsten is single and she claims the $12,000 standard deduction for 2018. Purple Company is Kirsten's only source of income. Ignoring any employment tax considerations, compute Kirsten's after-tax income for each of the following situations. Click here to access the 2018 individual tax rate schedule to use for this problem. Assume the corporate tax rate is 21%. When required, carryout intermediate tax computations to the nearest cent and then round your final tax liability to the nearest dollar. a. If Purple Company is a proprietorship and Kirsten withdraws $50,000 from the business during the year; Kirsten claims a $40,000 deduction for qualified business income ($200,000 × 20%). Kirsten's taxable income is$, and her…
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Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.

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