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Papessa [141]
3 years ago
14

Samir is a self-employed marketing consultant. He had no income from January through March 2020. His April through December 2020

income subject to SE tax is $55,000. Samir's SE tax for 2020 is $7,771 [$55,000 x 0.9235 x 0.153 = $7,771]. Samir may reduce his estimated tax payments by how much? Hint: USE Form Schedule SE to help you find the answer. $2,849 $3,886 $3,149 $6,298
Business
1 answer:
babunello [35]3 years ago
6 0

Answer:

$3,886

Explanation:

A self employed taxpayer can deduct the employer portion of self employment taxes that he/she pays during the year. In this case, total self employment taxes are $7,771 x 50% = $3,885.50 corresponding to employer taxes (the other 50% are not deductible since they correspond to employee taxes).

Self employment taxes include Medicare and Social Security taxes (FICA taxes basically).

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Answer: Barry must include $6,000 in gross income from discharge of indebtedness

Explanation:

Feom the question above, we are told that Barry embezzled $6,000 from his employer and that even though his employer discovered the theft, the employ did not fire him and told him that he did not have to repay the $6,000 if he attend Alcoholics Anonymous. Barry met the conditions and the employer canceled the debt.

In this case, Barry will have to include the $6,000 he stole in gross income from discharge of indebtedness. The gross income has to do with the sum of the wages, profits, salaries, rents, interest payments, and every other earnings, before the deductions of taxes or other deductions. Since Barry stole the money and.he.has been forgiven, the $6,000 has to be included in the gross income from discharge of indebtedness.

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3 years ago
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ch4aika [34]
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Wally and Sally want to go into business together and plan on offering a tutoring service to high school and college students. W
sashaice [31]

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Other things equal, cartels and similar collusive arrangements are easier to establish and maintain: Group of answer choices whe
katen-ka-za [31]

Answer:

Option "B" is the correct answer to the following question:

Explanation:

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