Reference no: EM132741974
Questions -
Q1. Ian earned $150,000 of salary as an employee in 2020. How much should his employer have withheld from his paycheck for FICA taxes (rounded to the nearest whole dollar amount)?
$2,175
$10,712
$8,537
$11,475
Q2. In 2020, Campbell, a single taxpayer, has $400,000 of profits (net of the deduction for self-employment taxes, the self-employed health insurance deduction, and the deduction for contributions to qualified self-employment retirement plans) from her general store, which she operates as a sole proprietorship. She has no employees, $40,000 of qualified property, and $500,000 of taxable income before the deduction for qualified business income. How much is Campbell's deduction for qualified business income?
$100,000.
$80,000.
$20,000.
$1,000.
$0.
Q3. In 2020, Campbell, a single taxpayer, has $95,000 of profits (net of the deduction for self-employment taxes, the self-employed health insurance deduction, and the deduction for contributions to qualified self-employment retirement plans) from her general store, which she operates as a sole proprietorship. She has no employees, $40,000 of qualified property, and $50,000 of taxable income before the deduction for qualified business income. How much is Campbell's deduction for qualified business income?
$95,000.
$19,000.
$10,000.
$8,000.
$0.
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