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- A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? Choices P486,000 P500,000 P364,500 P482,500A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? a. P500,000 b. P482,500 c. P364,500 d. P486,000Katrina has wages of $161,000 in 2023. She also operates a small business that generated net profits of $10,000. What is Katrina's total self-employment tax? a. So b. $267.82 c. $290.00 d. $ 1,530.00
- Used the 2016 FICA tax rates from below to answer the following question. if a taxpayer is not self-employed and earns $121,000 what are the taxpayers FICA taxes?3. A single taxpayer is trying to figure out their Adjusted Gross Income (AGI) for the year end 2022 tax year. Three facts are given. First, the taxpayer earns $100,000 in W-2 income from Starbucks. Second, the taxpayer owns a single member LLC business where they profited $25,000 in net income. Lastly, the taxpayer is a non-active investor in an S-corporation where her share of losses equaled -$25,000. What is the taxpayer’s Adjusted Gross Income for 2022? $125,000 $75,000 $100,000 $01 Please calculate the 2022 tax liability for a single taxpayer who is 40 years old with $222,950 of wages, $20,000 of qualified dividends, $30,000 of LT capital gains and $40,000 of ST capital gains. Please make sure to consider all possible taxes in your calculation, prepare your calculation in Excel and show all work. The taxpayer will not be subject to AMT so that calculation is not necessary.
- Taxpayer in 2022 has following amounts: W-2 wages: $125,000 @ 7.65% Sch. C Net income: $125,000 @ 15.30% How much of the correct amount of combined self-employment tax and FICA tax is attributable to the Sch. C Net Income?For the year 2023, Carolyn earned $80,000 and incurred the following expenses Moving expenses Credit card interest Mortgage interest (qualified residence interest) Tax return preparation fees Unreimbursed employee business expenses State sales tax paid Assuming she had no other expenses and files as a single taxpayer, what are her total allowable itemized deductions for 2023? O A. $15,300 OB. $14.800 $ 500 250 12,400 1,100 1,750 2,400 O C. $15,050 O D. $17,650. A resident citizen has the following data on income and expenses in 2018: Gross compensation income ₱ 200,000 Gross sales 900,000 Cost of sales 500,000 Business expenses 200,000 He avails himself of the Optional Standard Deduction. How much is the OSD? a. ₱80,000 b. ₱160,000 c. ₱200,000 d. ₱360,000 ANSWER:
- How do I calculate self employment taxes. For example Bob Dylan's self employment earnings are $50,600, what would be his 2021 total self-employment taxes?Henrietta Jones works on Capitol Hill as a legislative assistant and to supplement her income, works as a freelance driver using an app (Lyft). In 2023, she made $ 40.000 in wages from her Capitol Hill job and made $61 ,200 from driving for Lyft (She is an independent contractor). a. What is her 1) taxable income, b. What is her 2) OBI deduction: s. How much self-employment tax does she owe; d. Please prepare draft: 1) Form 1040 Schedule C, Schedule SE and Schedule 1.Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $133,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer 7.65% on first $118,500 paid in wages Self-Employed Rates 15.3% on first $118,500 of net profits Employee's Rates 7.65% on first $118,500 of income 1.45% of income in excess of $118,500 1.45% of wages paid in excess of $118,500 2.9% of net profits in excess of $118,500 FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.)