Problem 8-66 (LO 8-3) (Algo)Alice is single and self-employed in 2022. Her net business profit on her Schedule C for the year is $186,000.What are her self-employment tax liability and additional Medicare tax liability for 2022?Note: Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.Self-employment tax liabilityAdditional medicare tax liability$0

Calculation of Self Employment tax liability : The Net earnings form self employment must be first…

Answered: ice is single and self-employed in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Lorna Hall’s real estate tax of $2,010.88 was due on December 14, 2019. Lorna lost her job and could not pay her tax bill until February 27, 2020. The penalty for late payment is 612%612% ordinary interest. (Use Days in a year table.)a. What is the penalty Lorna must pay? (Round your answer to the nearest cent.) Penalty Pay b. What is the total amount Lorna must pay on February 27? (Round your answer to the nearest cent.) Total Amount
Sherina Smith (Social Security number 785-23-9873) lives at 536 West Lapham Street, Milwaukee, WI 53204, and is self-employed for 2020. She estimates her required annual estimated income tax payment for 2020 to be $8,468. She was required to pay $254 when she timely filed her prior year tax return. Complete the first quarter voucher below for Sherina for 2020. Form1040-ESDepartment of the TreasuryInternal Revenue Service 2020 Estimated Tax Payment Voucher 1 OMB No. 1545-0074 File only if you are making a payment of estimated tax by check or money order. Mail this voucher with your check or money order payable to “United States Treasury.” Write your social security number and “2020 Form 1040-ES” on your check or money order. Do not send cash. Enclose, but do not staple or attach, your payment with this voucher. Calendar year—Due April 15, 2020 Amount of estimated tax you are paying by check or money order. Dollars Cents fill in the blank 1
1:Bradley Banks' filing status is qualifying widower, and he has earned gross pay of $1,570. Each period he makes a 401(k) contribution of 6% of gross pay and makes a contribution of 2% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $212,900.Social Security tax = $ Medicare tax = $ 2:Kyle Struck's filing status is single, and he has earned gross pay of $2,400. Each period he makes a 403(b) contribution of 9% of gross pay; and makes a contribution of 1.5% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $199,500.Social Security tax = $ Medicare tax = $ 3:Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,820. Each period he makes a 401(k) contribution of 10% of gross pay and contributes $150 to a dependent care flexible spending account. His current year taxable earnings for Social…
The Tax Formula for Individuals, A Brief Overview of Capital Gains and Losses (LO 1.3, 1.9) In 2020, Manon earns wages of $54,000. She also has dividend income of $2,800. Manon is single and has no dependents. During the year, Manon sold silver coins held as an investment for a $7,000 loss. Table for the standard deduction Filing Status Standard Deduction Single $12,400 Married, filing jointly 24,800 Married, filing separately 12,400 Head of household 18,650 Qualifying widow(er) 24,800 Calculate the following amounts for Manon: a. Adjusted gross income $fill in the blank b. Standard deduction $fill in the blank c. Taxable income $fill in the blank
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Kyle Struck's filing status is single, and he has earned gross pay of $2,360. Each period he makes a 403(b) contribution of 8% of gross pay; and makes a contribution of 2% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $199,800.Social Security tax = $0.00Medicare tax = $ Please explain how the problem is solved?
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Mark's gross annual salary is $78,082 with biweekly paychecks. If he is married and has 3 dependent children, compute the biweekly withholding his employer will send to the IRS. Use the following information: • Biweekly allowance: $165.38 per person. 2022 Married Person Biweekly Withholding Table Taxable Wages 50-$498 $498-$893 $893-$2,105 $2,105-$3,924 $3,924-$7,038 $7,038-$8,804 $8,804-$12,957 $12,957 or more Wages Withholding $0.00 50.00 plus 10% of amount exceeding $498 $39.50 plus 12% of amount exceeding $893 $184.94 plus 22% of amount exceeding $2,105 $585.12 plus 24% of amount exceeding $3,924 $1,332.48 plus 32% of amount exceeding $7,038 $1,897.60 plus 35% of amount exceeding $8,804 $3,351.15 plus 37% of amount exceeding $12,957 Round your answer to the nearest dollar.
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Tina Chatwood is single with no dependants. During the year she had the following amounts deducted from her salary of $70,000: CPP premiums 2,898 El premiums 856 Income tax 4,300 Based on this information, what amount is closest to Tina's total federal tax credits for 2020 that can be claimed on her return. $0 $750 $2,734 $2,547

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