In 2020, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $76,600. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $fill in the blank 859e50f64fe9f93_1 12,840 Tax liability (round to the nearest dollar): $fill in the blank 859e50f64fe9f93_2 b. Complete Henry's 2020 Form 8995 (Qualified Business Income Deduction Simplified Computation). Enter all amounts as positive numbers.

Assume this is the year of 2019 (same year as used in Text Chp3 tax forms on p96). Mitchell, 23-yr old, is single and lives in his parents' house cost-free (i. e. no rent or utilities) in Toronto, Ontario. He has recently graduated from university and is currently employed as an insurance agent. He has the following info: Employment Income (T4) 26,500 Interest Income (T 5) 40 RRSP deduction 950 Professional dues (T4) 165 CPP contributions (T4) 1, 138 Employment insurance premiums (T4) 498 Charitable donations (T4) 75 Tuition 3,733 Interest payment on student loans 245 Income tax deducted at source (T4) 2,085 What would the 'INCOME TAX AND BENEFIT RETURN 2019' FORM: STEP 3, Line 22215 be? Pick the closest answer: a ) 33.47 b) 0.00 c) 165 d) 1140.47

Melody and Todd are married and have employee wages of $250,000 each in 2019. They have no other income. How much additional 0.9% Medicare tax will Melody and Todd have to pay or receive as a refund when they file their 2019 income tax return? a.$1,350 will be refunded with their return. b.$900 will be refunded with their return. c.$1,350 will be due with their return in addition to amounts withheld. d.$3,600 will be due with their return in addition to amounts withheld.

Clayton owns and operates an auto repair shop. His net profit in 2022, reported on his Schedule C, Profit or Loss from Business (Sole Proprietorship), was $140,000. This was Clayton's only source of income during the year. He did not claim the self-employment health insurance deduction.What is the amount of self-employment tax he must pay?   $16,032   $19,781   $21,420   $22,680

In 2022, Miranda records net earnings from self-employment of $195,200. She has no other gross income. Determine the amount of Miranda's self-employment tax and her AGI Income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is s 28,650 X and she has as 28,650 X deduction for AGI.

Corina is self-employed. In 2020, her net profit from self-employment was $200,000, and she has no other income. What is Corina's SE tax liability? Round your answer to the nearest whole dollar.

Paul is self-employed as a dentist. He practices under the name "Paul J. Vance, DDS." Paul's gross receipts during the year were $111,000. He uses the cash method of accounting. His business expenses are $68,890. Assume the QBI amount is net of the self-employment tax deduction. What is he qualified business income deduction for 2020?

In 2021, Elaine paid $2,160 of tuition and $900 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.) b. Elaine's AGI is $165,500. (Round your intermediate calculations to the nearest whole dollar amount.) American opportunity tax credit

What is the qualified business income deduction for the following problem:   Note: This problem is for the 2018 tax year. Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In January 2018, Janice opened her own office located at 2751 Waldham Road, Pleasant Hill, NM 88135. She called her business Writers Anonymous. Janice is a cash basis taxpayer. She lives at 132 Stone Avenue, Pleasant Hill, NM 88135. Her Social Security number is 123-45-6789. Janice's parents continue to provide health insurance for her under their policy. Janice wants to contribute to the Presidential Election Campaign Fund. During 2018, Janice reported the following income and expense items connected with her business. Income from sale of articles $85,000 Rent 16,500 Utilities 7,900 Supplies 1,800 Insurance 5,000 Travel (including meals of $1,200) 3,500 Janice purchased and placed in service the following fixed assets for her business. Janice wants to elect immediate…

Carla Morrison (SIN: 805 125 127); was born on May 2, 1999. She is single and lives at 10 Tucker Court, Toronto Ontario A4B CXD. Carla approached you and asked your help to prepare her Individual T-1 tax return for 2020. Carla provided you with additional information for the period ending December 31, 2020 as given below: A. Last year (2020) Carla finished high school and started working on sales at a local start-up company (Fresh Flowers Co) owned by a family friend. She excels at sales and was prepared to forgo school to help her family friend. (Please refer to the T4 Slip for details). B. Throughout the year, Carla contributed $10,000 to a registered retirement savings plan (RRSP) at a local bank. Over the years she had accumulated RRSP room and it stood at $25,000. Carla has determined that she has the RRSP deduction limit to claim the full amount on her tax return.   To complete this return, the following information slip received for 2020 is provided herewith: See below excerpt…