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- 3. Fess receives wages totaling $75,700 and has net earnings from self-employment amounting to $61,300. In determining her taxable self-employment income for the OASDI tax, how much of her net self-employment earnings must Fess count?What do you believe led to the conclusion that a sole proprietorship should report its results on the owner’s tax return?! Required information Problem 12-45 (LO 12-3) (Algo) [The following information applies to the questions displayed below.] Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $191,000 salary working full time for Angels Corporation. Angels Corporation reported $444,000 of taxable business income for the year (2021). Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $191,000 (all salary from Angels Corporation). Answer the following questions for Mason. (Leave no answer blank. Enter zero if applicable.) Problem 12-45 Part a (Algo) a. Assuming the income allocated to Mason is qualified business income, what is Mason's deduction for qualified business income?
- What is it called when a taxpayer is required to increase their income because they have taken more CCA over the lifetime of a pool of assets than what they are entitled to take?Of the following statements regarding the estate tax, which is true? O A decedent's taxable estate is never greater than the probate estate. 4 O The taxable estate is reduced by deductions for decedent liabilities, funeral costs, and administrative costs of settling the estate. O The estate tax is not reduced by transfers to the decedent's spouse. O The estate tax exclusion is not reduced by any lifetime gift tax exclusion used by the decedent.9
- Which Schedule must the taxpayer use to claim a payment made for alimony? Multiple Choice Schedule 1. Schedule 2. Schedule 3. The taxpayer does not need to use a Schedule.59 S1 - Estate tax is a tax on the transfer of estate upon death by the decedent to his beneficiaries. S2 - In all types of decedents, the basis of estate tax is net estate or net taxable estate. Group of answer choices Both are false S2 is true S1 is true Both are trueAre heirs oblige/responsible/liable to file and pay for the Estate Tax of the Estate?
- COMPREHENSIVE PROBLEM 29. Use the information below to compute the 2020 taxable income and tax liability for an unmarried taxpayer (age 52 with no dependents). Prepare an analysis showing each item and amount under the appropriate headings of (1) income, (2) gross income exclusions, (3) total gross income, (4) deductions for AGI, (5) AGI, (6) deductions from AGI, and (7) taxable income. Cash Received Interest on savings account Gift of money from parent Rent from farmland owned Proceeds of life insurance policy received upon parent's death Nondegree candidate fellowship, granted 8/20/18, of $450 per month for four months Net pay received (Gross salary of $33,000 less $7,440 state and federal income taxes, $2,046 social security taxes, and $479 Medicare taxes) Employer's share of health insurance premiums, $4,260 De minimis employee fringe benefits valued at $25 Company provided parking costing employer $300/month for 12 months Total cash received $ 1,728 1,000 30,000 40,000 1,800…Hi there, if his taxable income is R363500.00, does he not fall into the bracket of 353101-488700 and not 226001-353100? as his taxable income is above this?If Michael wants to know his average tax paid on his entire income, he must calculate his