Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ******* 3. significant self-employment income

******* 3. Significant Self-Employment Income Wages: Sarah ($30,000), James...

80.2K

Verified Solution

Question

Accounting

*******
3. Significant Self-Employment Income
Wages: Sarah ($30,000), James ($24,000)
Interest Income: $700
Dividend Income: $300
Long-term capital gains: $1,100
QBI (sole proprietorship): Sarah ($88,000)
Itemized Deductions:
Medical Expenses: $4,500
State and Local Taxes: $7,000
Charitable Contributions: $1,700
Allowable deduction for self-employment tax: $7,100
Calculate: AGI, Taxable Income, Potential Child Tax Credits, Total Tax Liability (Before any other credits)
4. Investment Income Variations
Wages: Robert ($63,000), Laura ($55,000)
Interest Income: $500
Dividend Income: $3,200(qualified dividends)
Long-term capital gains: $7,000
QBI (sole proprietorship): None
Itemized Deductions:
Medical Expenses: $2,800
State and Local Taxes: $10,200
Charitable Contributions: $3,800
Allowable deduction for self-employment tax: None
Calculate: AGI, Taxable Income, Potenti
***This question already posted and received correct answer. Kindly Don't answer this question again. If you answer i will give 19 dislikes.****al Child Tax Credits, Total Tax Liability (Before any other credits)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students