Farrah earns
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Farrah earns $180,000 this year (2023) from a small unincorporated business. What is her self- employment tax and additional Medicare tax liability (if any)? O $27,540 O $24,686 O $25,433 1.8 pts O None of these are correct
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- Hw.21. must present the procedures or formulas used to reach your final results Pepe Jose is a single taxpayer, age 34. In 2022, his salary is $69,400 and he has interest income of $12,500. In addition, he has deductions for adjusted gross income of $14,340 and he has $14,390 of itemized deductions. Calculated the following amounts: Gross Income Adjusted Gross Income Standard Deduction or Itemized Deduction Amount Taxable Income Taxes LiabilityMario, a single taxpayer with two dependent children, has the following items of income and expense during 2020: Gross receipts from business $144,000 Business expenses 180,000 Net capital gain 22,000 Interest income 3,000 Itemized deductions (state taxes, residence interest, and contributions) 24,000 a. Determine Mario's taxable income or loss for 2020. Adjusted gross income Less: itemized deductions Less: Deduction for qualified business income Loss b. Indicate which items are adjustments to taxable income or loss when computing an NOL. Business receipts Business Expenses Net capital gain Interest income Itemized deductions c. Determine Mario's NOL for 2020. Mario's NOL is ?hr.4
- HardevFrank, who is single, received $6,000 of social security benefits. His AGI before the social security benefits was $14,000. He also had $100 of tax-exempt interest. What is the amount of taxable social security benefits? Multiple Choice • $0. ● $6,000. $3,000. $17,100.Kole earns $170,000 in 2023 in his job as a sales manager. What is his FICA tax? (Employee portion of Social Security and Medicare Tax) O $10,063 $12.255 O $13,005 O $12,397
