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stellarik [79]
3 years ago
13

In 2020, Miranda records net earnings from self-employment of $158,500. She has no other gross income. Determine the amount of M

iranda's self-employment tax and her for AGI income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is $fill in the blank 1 and sh
Business
1 answer:
grandymaker [24]3 years ago
3 0

Answer:

Miranda's self-employment tax = $21,320

AGI income tax deduction = $10,660

Explanation:

Particulars                                                    Amount

Net Earnings from Self Employment          $158,500

Taxable Self employment Earnings           $146,374.75

(158,500*92.35%)

Social Security Tax ($137,700*12.4%)         $17,074.80

Medicare Tax ($146,375*2.9%)                   $4,244.88

Self employment Tax = Social Security tax + Medicare tax

Self employment Tax = $17,074.80 + $4,244.88

Self employment Tax = 21,320

Taxpayer are allowed a deduction for AGI of 50% of self-employment tax.

= $21,320*50%

= $10,660

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Answer:  Please refer to Explanation

Explanation:

The attached photo contains the complete question as well as some options.

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The analysis phase includes both of these types of analysis to provide a complete view of a variable from both a numbers and an experience perspective.  

2. Judgement, experience, and intuition.

Qualitative Analysis is usually based on these 3 as numbers are not necessarily used.

3. Experience.

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6 0
3 years ago
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A manager recently instituted a required retraining program to attempt to increase output by employees with out any additional i
Vadim26 [7]

Answer:

Nominal labor productivity

Explanation:

Nominal labour productivity because output per worker rises due to increase in human capital. It is also defined as the value of all goods and services produced less the value of any goods or services used in their creation.

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3 years ago
On January 1, 2018, Bark Company invests $10,000 in Roots, Inc. stock. Roots pay Bark a $400 dividend on August 1, 2018. Bark se
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3 years ago
Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is $3,900). Dextra collects 5% sales tax
oee [108]

Answer:

    Date                     General Ledger                   Dr.          Cr.

1.   September 30     Cash                                 $6,300

                                  Sales Tax Payable                           $300

                                  Sales                                                 $6,000

2.  September 30     Cost of Goods Sold        $3,900

                                  Merchandise Inventory                    $3,900

3.  October 15           Sales Tax Payable          $300

                                  Cash                                                  $300

Explanation:

Sales Tax is subject to the price of merchandise. Sales tax is collected by the business on the taxable supplies on the behalf of government and paid to the government.

Sales tax amount = 6,000 x 5% = $300

Cost of Merchandise is recorded as cost of goods sold and deducted from the merchandise inventory.

6 0
3 years ago
Jaguar has full manufacturing costs of their S-type sedan of £22,803. They sell the S-type in the UK with a 20% margin for a pri
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Answer:

12.18%

Explanation:

Company selling price in US = $55,000

(which is equal to price with 20% margin)

= 27,363 pounds × $2.01

= $55,000

Now the exchange rate increased to $2.15 per pound,

so here the manufacturing cost of the car will increase according to the increase in the exchange rate.

The selling price remains constant, then the profit margin is as follows;

Manufacturing cost of the car = 22,803 pounds × $2.15

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Selling price = $55,000

Profit margin:

= Selling price - Manufacturing cost

= 55,000 - 49,026

= $5,973.55

Margin percentage = Profit margin ÷ Manufacturing cost of the car

                                = $5,973.55 ÷ $49,026.45

                                = 12.18%

4 0
4 years ago
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