Evelyn is single and a self-employed engineer. During 2018,Evelyn’s in-come from her engineering business is...

Evelyn is single and a self-employed engineer. During 2018, Evelyn’s in-come from her engineering business is $55,000. Evelyn pays $3,100 for her Medi-Cal insurance policy.

a. How should the medical insurance policy payment be reflected on Evelyn’s 2018 return?

b. What is Evelyn’s 2018 self-employment tax deduction?

Solutions

Expert Solution

Answer:-

ekkarill92 answered 2 years ago

Next > < Previous

Related Solutions

Alice is single and self-employed in 2018. Her net business profit on her Schedule C for...

Alice is single and self-employed in 2018. Her net business profit on her Schedule C for the year is $154,000. What is her self-employment tax liability and additional Medicare tax liability for 2018? (Round your intermediate calculations to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.)

Alice is single and self-employed in 2018. Her net business profit on her Schedule C for...

Alice is single and self-employed in 2018. Her net business profit on her Schedule C for the year is $170,000. What is her self-employment tax liability and additional Medicare tax liability for 2018? (Round your intermediate calculations to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability- Additional medicare tax liability-

Luna , a self-employed engineer, flew from New York to Paris, France primarily for a business...

Luna , a self-employed engineer, flew from New York to Paris, France primarily for a business meeting. She departed on Sunday, conducted business on Monday through Friday, shopped and visited local sights on Saturday and Sunday, concluded her business on Monday, visited local sights on Tuesday through Friday, and returned home on Saturday. With respect to the cost of the plane fare for the trip, Luna should: Deduct the entire fare. Prorate the fare equally between business and personal activities...

1.Annie is self-employed and has $49,900 in income from her business. She also has investments that...

1.Annie is self-employed and has $49,900 in income from her business. She also has investments that generated dividends of $3,200 and interest of $2,600. What is Annie’s self-employment tax for the year? 2. Kelly is a self-employed tax attorney whose practice primarily involves tax planning. During the year, she attended a three-day seminar regarding new changes to the tax law. She incurred the following expenses: Lodging $ 475 Meals 84 Course registration 425 Transportation 225 Required: How much can Kelly...

-Kathy is 60 years of age and self-employed. During 2018 she reported $100,000 of revenues and...

-Kathy is 60 years of age and self-employed. During 2018 she reported $100,000 of revenues and $40,000 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to a simplified employee pension (SEP) IRA for 2018? (Round your final answer to the nearest whole number) A) $11,152. B) $17,152. C) $12,000 D) $55,000. -Kathy is 60 years of age and self-employed. During 2018 she reported...

Kathy is 48 years of age and self-employed. During 2018 she reported $110,000 of revenues and...

Kathy is 48 years of age and self-employed. During 2018 she reported $110,000 of revenues and $44,000 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to a simplified employee pension (SEP) IRA for 2018? (Round your final answer to the nearest whole number) Multiple Choice $12,267. $17,157. $61,500. $55,000.

Wai Yeung is a self-employed insurance saleswoman. She started her business on July 1, 2020, and...

Wai Yeung is a self-employed insurance saleswoman. She started her business on July 1, 2020, and ended her first taxation year on December 31, 2020. On July 1, she purchased a car for $32,000 plus 13% HST. The car is financed with a bank loan. From July 1, to December 31, interest costs amounted to $1,960. Wai incurred the following additional expenses relating to her automobile: Repairs and maintenance $ 300 Insurance 1,100 Gasoline 1,700 Parking while on business 420...

6. (A). During 2018, Eileen (a self-employed accountant who also works part-time for a CPA firm)...

6. (A). During 2018, Eileen (a self-employed accountant who also works part-time for a CPA firm) used her car as follows: 12,000 miles (business), 1,400 miles (commuting), and 4,000 miles (personal). In addition, she spent $440 for tolls (business) and $620 for parking (business). If Eileen uses the automatic mileage method, what is the amount of her deduction? 6. (B) Jeff uses his automobile for both business and personal use and claims the automatic mileage rate for all purposes. During...

Jackson, a self-employed taxpayer, uses his automobile 82% for business and during 2020 drove a total...

Jackson, a self-employed taxpayer, uses his automobile 82% for business and during 2020 drove a total of 27,600 business miles. Information regarding his car expenses is listed below. Business parking $ 260 Auto insurance 2,600 Auto club dues (includes towing service) 312 Toll road charges (business-related) 390 Oil changes and engine tune-ups 416 Repairs 286 Depreciation allowable 5,200 Fines for traffic violations (incurred during business use) 520 Gasoline purchases 5,720 What is Jackson's deduction in 2020 for the use of...

Jackson, a self-employed taxpayer, uses his automobile 90% for business and during 2019 drove a total...

Jackson, a self-employed taxpayer, uses his automobile 90% for business and during 2019 drove a total of 14,000 business miles. Information regarding his car expenses is listed below. Business parking $ 140 Auto insurance 1,300 Auto club dues (includes towing service) 180 Toll road charges (business-related) 200 Oil changes and engine tune-ups 210 Repairs 160 Depreciation allowable 2,850 Fines for traffic violations (incurred during business use) 320 Gasoline purchases 2,800 What is Jackson’s deduction in 2019 for the use of...

Subjects