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- What is the amount of self-employment tax that would be paid by Andy for the year assuming he earned $128,100 while working as an employee of the University and another S20,000 from a sales business he owns? Select one: a. S1,190.40 b. S1,726.03 C. $535.63 d. $2,825.91 e. None of theseSuppose you made $63,245 of income from wages and $784 of taxable interest. You also made contributions of $6000 to a tax deferred retirement account. You have 3 dependents and file as single. The standard deduction is 3500 and the exemption amount is 5500 per exemption. What is your Taxable Income? Answer to the nearest dollar. 70 hp * M اشتDrill - Net Unearned Income inette, age 16, has dividend income of $2,800 and interest income of $935. She has no investment expenses. Determine the net nearned income for the purpose of the kiddie tax. et unearned income is $
- ESTIMATING TAXABLE INCOME, TAX LIABILITY, AND POTENTIAL REFUND. Hannah Owens is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned 55,000 as a sales assistant for Business Solutions: 3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of 142. She takes the standard deduction. Calculate her taxable income, tax liability, and tax refund or tax owed for 2015.Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.Kamryn Brown is single and earns $50,000 in taxable income and will use the following tax rate schedule to calculate the taxes he owes. 0-10,275 10% 10,276-41,775 12% 41,776-89,075 22% 89,076-170,050 24% Calculate the dollar amount of taxes that Kamryn owes. Select one: O a. $2,737.66 O b. $6,616.66 O c. $10,000.00 O d. $17,587.66 O e. $11,000
- Sd Carolyn has an AGI of $38,000 (all from earned income) and two qualifying children and is filing as a head of household. What amount of earned income credit is she entitled to? a. $0 b. $2,401 c. $3,341 d. $3,692 e. $6,164How much is the total income tax of Ana assuming she opted to be taxed at 8%? Ana, a self-employed resident citizen provided the following data for 2018 taxable year: Sales P2,800,000 1,125,000 650,000 Cost of sales Business expenses Interest income from peso bank deposit Interest income from deposit under FCDS 80,000 120,000 Gain on sale of land in the Phils. held as capital asset 500,000 with cost P1.5M when zonal is P1.2M P321,500 O P342,500 O P351,500 O P358,000Darius' net income from self-employment reported on Schedule C is $25,000. Calculate his self-employment tax. Group of answer choices $1,766 $23,088 $3,825 $3,532
- 1. Calculate the taxes and average tax rate for a married couple family of four in the 15 percent bracket with a gross income of $63,000 (close to the national median for a family of four) with $4000 in IRA contributions, a standard deduction of $12,600, $16,200 for four exemptions and two child tax credits of $1000 each. You need to show the details of your calculations in order to receive full credit for this question. (Hint: use Table 4-3 to calculate the taxes, and refer to "Advice from a Seasoned Pro" in section 4.1d to see how the average tax rate is calculated.) 2. What is the marginal tax bracket? Explain why some taxpayers have an effective marginal tax rate as high as 40 percent? Does this mean they pay 40% of their taxable income in taxes?Carolyn has an AGI of $38,000 (all from earned income) and two qualifying children and is filing as a head of household. What amount of earned income credit is she entitled to? (Exhibit 8-10) Multiple Choice O $0 $1,833 $3,526 $3.995Mary Singh, has the following information for her İncome Tax Return this year: Net Taxable Capital Gains Annual Union Dues Employment Income RRŠP Deduction First Time Home Buyer's Credit CPP Payroll Deduction from her T4 Slip Mary's T1 Income Tax Return Net income, Line 23600 for this year is? $10,000 $2,000 $40,000 $10,000 $5,000 $2,000
