Problem 6-16 Self-Employment Tax (LO 6.6) Stewart Beauf is a self-employed surfboard maker in 2019. His...

Problem 6-16
Self-Employment Tax (LO 6.6)

Stewart Beauf is a self-employed surfboard maker in 2019. His Schedule C net income is $126,503 for the year. He also has a part-time job and earns $16,100 in wages subject to FICA taxes.

Calculate Stewart's self-employment tax for 2019 using Schedule SE.

If required, round amounts to the nearest dollar. Enter all amounts as positive numbers. If a line item does not require an entry or the answer is zero, enter "0".

Solutions

Expert Solution

**************************************************************Please Upvote......Its really usefull to us...If any querry comment below...I will resolve ASAP....Thank You....

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Problem 6-16 Self-Employment Tax (LO 6.6) Stewart Beauf is a self-employed surfboard maker in 2019. His...

Problem 6-16 Self-Employment Tax (LO 6.6) Stewart Beauf is a self-employed surfboard maker in 2019. His Schedule C net income is $126,503 for the year. He also has a part-time job and earns $16,100 in wages subject to FICA taxes. Calculate Stewart's self-employment tax for 2019 using Schedule SE. If required, round amounts to the nearest dollar. Enter all amounts as positive numbers. If a line item does not require an entry or the answer is zero, enter "0".

What is the total tax due for 2017, including self-employment tax, for Stewart, assuming that he...

What is the total tax due for 2017, including self-employment tax, for Stewart, assuming that he earned $20,000 in wages, earned 24000 in self-employment income from his first business, had a loss of $10,000 from the second business, received $3,000 in interest income, and had $5,100 and non qualified dividend income? From CCH Federal Taxation comprehensive topics

In 2019, Landon has self-employment earnings of $210,000. Compute Landon’s self-employment tax liability and the allowable...

In 2019, Landon has self-employment earnings of $210,000. Compute Landon’s self-employment tax liability and the allowable income tax deduction of the self-employment tax paid: Total self-employment tax liability = ? Self-employment tax deduction = ?

Mary is self-employed for 2019. Mary estimates her required annual estimated tax payment for 2019 to...

Mary is self-employed for 2019. Mary estimates her required annual estimated tax payment for 2019 to be $4,000. Mary had a $500 overpayment of last year's taxes which she will apply against her first quarter estimated payment. a. How much should Mary pay with her first quarter estimated tax voucher? b. When is the first quarter payment due? c. How much should Mary pay with her third quarter estimated tax voucher? d. When is the third quarter payment due?

Tax 2018. Amos is a self-employed tax attorney. He and Monica, his employee, attend a conference...

Tax 2018. Amos is a self-employed tax attorney. He and Monica, his employee, attend a conference in Dallas sponsored by the American Institute of CPAs. The following expenses are incurred during the trip: Amos Monica Conference registration $ 900 $900 Airfare 1,200 700 Taxi fares 100 –0– Lodging in Dallas 750 300 Amos pays for all of these expenses. Calculate the effect of these expenses on Amos’s AGI. Would your answer to part (a) change if the American Bar Association had...

Problem 16-64 Comprehensive Variance Problem (LO 16 - 5, 6) The standard cost sheet for Chambers...

Problem 16-64 Comprehensive Variance Problem (LO 16 - 5, 6) The standard cost sheet for Chambers Company, which manufactures one product, follows: Direct materials, 40 yards at $3.00 per yard $ 120 Direct labor, 5 hours at $30 per hour 150 Factory overhead applied at 70% of direct labor 105 (variable costs = $70; fixed costs = $35) Variable selling and administrative 74 Fixed selling and administrative 50 Total unit costs $ 499 Standards have been computed based...

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...

Jackson, a self-employed taxpayer, uses his automobile 72% for business and during 2019 drove a total...

Jackson, a self-employed taxpayer, uses his automobile 72% for business and during 2019 drove a total of 16,400 business miles. Information regarding his car expenses is listed below. Business parking $ 220 Auto insurance 2,200 Auto club dues (includes towing service) 264 Toll road charges (business-related) 330 Oil changes and engine tune-ups 352 Repairs 242 Depreciation allowable 4,400 Fines for traffic violations (incurred during business use) 440 Gasoline purchases 4,840 What is Jackson's deduction in 2019 for the use of...

Problem 3-1 (Algorithmic) Schedule C (LO 3.1) Scott Butterfield is self-employed as a CPA. He uses...

Problem 3-1 (Algorithmic) Schedule C (LO 3.1) Scott Butterfield is self-employed as a CPA. He uses the cash method of accounting, and his Social Security number is 644-47-7833. His principal business code is 541211. Scott's CPA practice is located at 678 Third Street, Riverside, CA 92860. Scott’s income statement for the year shows the following: Income Statement Scott Butterfield, CPA Income Statement 12/31/2017 Current Period Prior Period 1/1/2017 to 12/31/2017 1/1/2016 to 12/31/2016 REVENUES Tax Services $156,400 $72,154 Accounting Services...

Gordon is a 52-year-old self-employed contractor (no employees). During 2019, his Schedule C net income was...

Gordon is a 52-year-old self-employed contractor (no employees). During 2019, his Schedule C net income was $60,000. What is the maximum amount that Gordon can contribute to (1) a SEP IRA and (2) an individual 401(k)? (Round your answers to the nearest whole number.)

Subjects