Meredith owns her own business. In 2020, she had business revenue of $268,450 and business deductions of $75,900. She had no other activity that affected her tax return. a. Calculate her self-employment tax. b. Calculate her AGI.

Which of the following taxpayers does not have to file a tax return for 2018? a.A single taxpayer who is under age 65, with income of $13,500. b.Married taxpayers (ages 45 and 50 years), filing jointly, with income of $26,000. c.A student, age 22, with unearned income of $2,500 who is claimed as a dependent by her parents. d.A qualifying widow (age 67) with a dependent child and income of $18,800. e.All of these choices are correct.

During the year Marija had employment income of $50, 000, property income of $5, 000, a business loss of $12,000, income from an RRSP withdrawal of $3, 000, and a capital loss of 530,000 on the sale of shares in a small business corporation. How much is Marija's net income for tax purposes in accordance with Section 3 of the Income Tax Act?Multiple ChoiceS16, 000S0S46, 000531,000

Maria made $100,000 from long-term investments and Steve made $100,000 from wages. Both are filing single and took the standard deduction and personal exemption.   Calculate the FICA taxes owed by each person Calculate the federal income taxes owed by each person Calculate the overall tax rate for each person

Kenneth owns Sheffield Company and has the following revenue and expenses. Calculate the after-tax net profit (ignoring self-employment tax) for Kenneth who is single in 2023. Taxable revenue received $117,000 Tax-exempt revenue received $15,000 Deductible expenses paid $23,000 Non- deductible expenses paid $5,000

Cassy reports a gross tax liability of $1,190. She also claims $590 of nonrefundable personal credits, $795 of refundable personal credits, and $390 of business credits. What is Cassy's tax refund or tax liability due after applying the credits?

During 2020, Murray, who is 60 years old and unmarried, provided all of the support of his elderly mother. His mother was a resident of a home for the aged for the entire year and had no income. What is Murray's filing status for 2020, and how many dependents should he report on his tax return? a.Head of household and 1 dependent b.Single and 1 dependent c.Single and 2 dependents d.Head of household and 2 dependents e.None of these choices are correct.

Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. In 2021, Betty had the following income and expenses. You may assume that Betty will owe $2,624 in self-employment tax on her salon income, with $1,312 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016.   Interest income $ 14,975 Salon sales and revenue 88,760 Salaries paid to beauticians 46,550 Beauty salon supplies 23,640 Alimony paid to her ex-husband, Rocky 7,200 Rental revenue from apartment building 35,540 Depreciation on apartment building 14,100 Real estate taxes paid on apartment building 12,060 Real estate taxes paid on personal residence 6,937 Contributions to charity 5,029     a. Determine Betty's AGI. (Amounts to be deducted should be indicated by a minus sign.)

How does the tax benefit rule apply in the following cases? Question Content Area a.  In 2021, the Orange Furniture Store, an accrual method sole proprietorship, sold furniture on credit for $1,000 to Sammy. The cost of the furniture was $600. In 2022, Orange took a bad debt deduction for the $1,000. In 2023, Sammy inherited some money and paid Orange the $1,000 he owed. Orange's owner was in the 35% marginal tax bracket in 2021, the 12% marginal tax bracket in 2022, and the 35% marginal tax bracket in 2023. Orange Furniture must include $fill in the blank 6af05cfde02efa1_1 in gross income as the recovery of a prior deduction. The timing of the income and deductions cost Orange $fill in the blank 6af05cfde02efa1_2.   Question Content Area b.  In 2022, Marvin, a cash basis taxpayer, took a $2,000 itemized deduction for state income taxes paid; the deduction was not limited by the SALT cap. This increased his itemized deductions to a total that was $800 more than the…

In 2020, Mary Kelly drove her personal car 2,800 miles for business purposes. She also incurred $182 in parking fees and $191 in turnpike tolls connected with her business trips. Compute Mary’s deduction for automobile expenses on her current year tax return, assuming all of the above expenses are valid and she elects to use the standard mileage allowance method to compute her deduction for automobile expenses. Assume Mary is self-employed.