Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. thomas is single and a self-employed architect. du

Thomas is single and a self-employed architect. During 2019, Thomass income from his business is...

60.1K

Verified Solution

Question

Accounting

Thomas is single and a self-employed architect. During 2019, Thomass income from his business is $150,000. He also pays $2,180 for a medical insurance policy.

What is his 2019 self-employment tax deduction? Round intermediate calculations and final answers to the nearest whole dollar. Net self-employment income is total income multiplied by 92.35%. Of this amount, 15.3% is the self-employment tax. The deduction is one-half of the amount for the self-employment tax. Also, remember that OASDI is taxed on a maximum of $132,900 and MHI of 2.9% is taxed on the total net self-employment income.

What is his self-employment tax in 2019?

What is his deduction for adjusted gross income in 2019?

Assume that Thomas's income from his business is $234,000. What is his 2019 self-employment tax deduction? Round intermediate calculations and final answers to the nearest whole dollar. HI is taxed at 0.9% on the excess of net self-employment income over $200,000.

What is his self-employment tax in 2019?

What is his deduction for adjusted gross income in 2019?

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