How much of Juan self-employment taxes would be deductible

Assignment Help Accounting Basics
Reference no: EM132633932

Question - Juan, who is single, is a self-employed carpenter as well as an employee of Frame It, Inc. His self-employment net income is $32,175, and he received a W-2 from Frame It for wages of $22,750. He is covered by his employer's pension plan, but his employer does not offer a health plan in which he could participate.

Required -

1. Up to how much of his self-employed health insurance premiums could he deduct for this year, if any?

2. How much of Juan's self-employment taxes would be deductible?

Reference no: EM132633932

Questions Cloud

How you portrayed planning in the output : Base on the lock screen picture below make a brief explanation by specifying how you portrayed planning in the output
Find the taxpayer deduction for AGI for the employer share : The taxpayer also reports wage income of $15,000. Find the taxpayer's deduction for AGI for the employer's share of the self-employment tax in 2019
Critically discuss organisational alignment : Critically discuss organisational alignment, strategy implementation and organisational architecture as critical components
Create recruiting video for dysfunctional software : Your manager, Harry Harried, has asked you to help create recruiting video for Dysfunctional Software that will entice potential new employees
How much of Juan self-employment taxes would be deductible : Juan, who is single, is a self-employed carpenter as well as an employee of Frame It, Inc. How much of Juan self-employment taxes would be deductible
Explain the six phases of the decision-making process : List and briefly explain the six phases of the decision-making process.
What amount should be included in the income statement : What amount should be included in the company's Income Statement for the quarter ended March 31, 2020
Define a marketing orientation and a product orientation : Define a marketing orientation and a product orientation. Under which strategic orientation is there a greater need for business research?
What is risk posture for each particular system : What is the risk posture for each particular system as it contributes to the overall risk posture of the organization?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is marys basis in the real property

Mary received a liquidating distribution from ABC Corporation as part of the complete liquidation of ABC Corporation. Mary's basis for her ABC Corporation stock was $10,000.

  Ben transferred property to his newly formed corporation

ben transferred property to his newly formed corporation bcd inc. the property had an adjusted basis to ben of 40000

  Goods are never delivered under forward contracts but are

goods are never delivered under forward contracts but are almost always delivered under futures contracts.lepage co.

  Calculate the present value of liability

XYZ Ltd issued $25 million of convertible notes on 1 July 2019. Calculate the present value of liability and equity component of convertible notes

  What is the amount of excess cash or deficiency of cash

What is the amount of excess cash or deficiency of cash, A company is preparing its their Cash Budget

  Discuss that the shareholders have sufficient basis

Assume the shareholders have sufficient basis in their stock for any amount that is treated as return of capital

  Problem related to tax purposes

Adam, Barbara and Charlotte formed the equal ABC partnership; Adam and Barbara each contributed cash of $100,000 and Charlotte contributed land worth $130,000 with a basis of $120,000 and subject to a mortgage of $30,000. In the first year, (using..

  A sports bar and grill in birmingham

Rodney owns 4 businesses and wants you to help with his tax return. Based on the following information, explain how you would add these activities to his 1040 form and list the forms needed along with what would be included on each form. Wha..

  Discuss which you would rather manage

Discuss which you would rather manage and why.Analyze the four costs associated with maintaining an inventory to determine which appears to be most controllable by any organization. Explain your rationale.

  The tobias company has 12 obsolete computers that are

the tobias company has 12 obsolete computers that are carried in inventory at a cost of 13200. if these computers are

  Show computations to support or reject the expansion

Warren Brown is the founder of Cake Love. Assume that his company currently has $250,000 in equity, and he is considering a $100,000 expansion.

  Prepare notional journal entries

Prepare notional journal entries (with narrations) that are necessary to consolidate the accounts of Super Limited

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd