Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $127,400 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, she is not eligible for the qualified business income deduction, and she did not make any charitable donations. -what is the amount of Ekiya’s after-tax compensation (ignore payroll taxes)?

Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a specified services business. In 2021, the business pays $60,000 in W-2 wages, has $150,000 of qualified property, and $200,000 in net income (all of which is qualified business income). Susan also has a part-time job earning wages of $13,600, receives $3,400 of interest income, and will take the standard deduction. What is Susan’s qualified business income deduction?

Vella owns and operates an illegal gambling establishment. In connection with this activity, he has the following expenses during the year: Rent Bribes Travel expenses Utilities Wages Payroll taxes Property insurance Illegal kickbacks $33,500 50,250 3,350 20,100 248,000 16,750 1,675 30,150 What are Vella's total deductible expenses for tax purposes?

- Required information [The following information applies to the questions displayed below.] Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $69,100. Meg works part time at the same university. She earns $43,900 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules, Dividends and Capital Gains Tax Rates.) Note: Round your final answers to the nearest whole dollar amount. a. What is the Comers' tax liability for 2023 if they report the following capital gains and losses for the year? Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses Total tax liability $ 9,450 (2,450) 15,200 (6,900)

Linda and her sister Hannah own a bed and breakfast hotel in Maine in which they provide maid services and breakfast to their tenants. Which of the following is true regarding the tax return that Linda must file. Select one: a. She must file Schedule C b. She must file Schedule E C. She must file Schedule C and E d. None of the above

Which one of the following costs is most likely NOT fully deductible? Group of answer choices Jose, a local business owner, pays $30,000 in Self-Employment taxes. Sandra owns a mini golf course. She pays her employer portion of payroll taxes because of her employees, which totals to $12,000. Travis owns a CPA firm and pays his son Joe as an associate. Joe is a CPA and is paid the same salary as the other associates. X-Corp writes off a $12,000 business debt owed by Sam because he has not responded to their numerous requests for payment.

T uses frequent flyer miles to take his family on a vacation. T received the miles duringbusiness travel paid for by his employer. The normal airfare for his vacation wouldhave cost $7,000.a. T must realize and recognize $7,000 as income.b. Although T has realized income, he will not be required to recognize it becausethe IRS has chosen, as a matter of administrative convenience, not to requiretaxpayers to recognize the value of frequent flyer tickets earned duringemployer-paid travel.c. Had T earned the frequent flyer miles during travel he had paid for himself, theissue of income realization and recognition would not arise.d. Both (a) and (c) are correct.e. Both (b) and (c) are correct.   T buys a parcel of real estate for $100,000, which he finances by giving the seller a nonrecoursemortgage for the full purchase price. The debt is due in one balloon payment inYear 5. When the debt becomes due in Year 5, T decides to give the property back to theseller in satisfaction of the debt…

Michelle is an active participant in the rental condominium property she owns. During the year, the property generates a ($16.500) loss; however, Michelle has sufficient tax basis and at risk amounts to absorb the loss. if Michelle has $118.000 of salary. $10.300 of long-term capital gains, $3.300 of dividends, and no additional sources of income or deductions, how much loss can Michelle deduct? Mumple Choice O 10 losses from rental property are passive losses and can only be offset by passive income O $7,300 O $9.200 $16.500 ð None of the choices are connect

[The following information applies to the questions displayed below.]   Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $64,150. Meg works part-time at the same university. She earns $33,450 a year. The couple does not itemize deductions. Other than salary, the Comers’ only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules,Dividends and Capital Gains Tax Rates.) (Round your final answers to the nearest whole dollar amount.) a. What is the Comers’ total income tax liability for 2019 (including income tax on wages) if they report the following capital gains and losses for the year?           Short-term capital gains $ 9,090   Short-term capital losses   (2,090 ) Long-term capital gains   15,170   Long-term capital losses   (6,170 )

Karen Most has a federal tax levy of $2,100.50 against her. If Most is single with two personal exemptions and had a take-home pay of $499.00 this week, how much would her employer take from her to satisfy part of the tax levy?