1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
The date on which the principal amount is repaid to the bondholder is known as the​ ________.
blagie [28]
The answer is “Bond Maturity Date”.
8 0
1 year ago
Which statement about attitude is correct?
Alex_Xolod [135]
Your answer would be D.


6 0
3 years ago
Read 2 more answers
The owner of an Italian restaurant has just been notified by her landlord that the monthly lease on the building in which the re
almond37 [142]

Answer:

b. No - the increase in lease expense is a fixed cost.

Explanation:

If the owner of Italian restaurant increases the prices of its product it will result in low customers as the restaurant is already at the competitive price among its other competitors. If the restaurant raises prices the customers will move to the competitors which are offering same quality product at reduced price. The rent is increased by 20% which is considered as a fixed cost because it does not affect the per unit production and is not associated with the numbers of customers.

6 0
2 years ago
A "foreign bond" issue is
cupoosta [38]

Answer:

d. both b and c

A foreign bond is when a foreign entity issues a bond in a local market and in local currency so for example if a Italian company issued a bond to borrow money from American markets, and the bond was issued in USA and it's currency was dollars then it would be classified as a foreign bond so in this case both B and C are correct because a German MNC issuing dollar denominated bonds is an example of a foreign entity issuing a bond in a local market denominated in local currency, and a bond issues by a foreign borrower to investors in national market and denominated in that nation's currency is also an example of a foreign bond

Explanation:

7 0
2 years ago
Which of the following explains why a company’s book value as reported in the balance sheet may not equal the company’s market v
kondaur [170]

Answer:  "I. Many assets are measured at their historical cost rather than amounts for which the assets could be sold."  explains why a company’s book value as reported in the balance sheet may not equal the company’s market value.

Explanation: Normally non-current assets (fixed assets) are valued at their historical acquisition cost, therefore the difference between the market value and the book value of a company occurs

5 0
2 years ago
Other questions:
  • A budget that allocates increased or decreased funds to a department by using the last budget period as a reference point is cal
    13·1 answer
  • Which type of account typically has low liquidity? AMoney Market Account BCertificate of Deposit (CD) CChecking Account DSavings
    6·1 answer
  • Which of the following actions is associated with a niche strategy? Group of answer choices A. Manufacturing products in bulk an
    11·1 answer
  • For certain item, the cost minimizing other quantity obtained with the basic EOQ model is 100 units, and the total annual invent
    6·1 answer
  • On the Navigation Bar, which of the following would you select to enter inventory item maintenance information?
    6·1 answer
  • Question 12
    10·1 answer
  • You get a 15% discount if you buy a new range listing at $924.95 and a new freezer listing at $12,695.95 on the same bill. What
    11·1 answer
  • After a loan is sold in the secondary market, the originating lender may be required to repurchase the loan due to
    11·1 answer
  • Mia’s gross pay is $2954. Her deductions total $724. 15. What percent of her gross pay is take-home pay?.
    15·1 answer
  • the best reason for investing company resources in vertical integration (either forward or backward) is to
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!