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Question - Anne has wages of $75,000 and net income from a small unincorporated business of $50,000 for 2020.
a. What is the amount of Anne's self-employment (SE) tax and deduction for AGI for her SE tax?
b. How would your answer to Part a change if Anne's wages were $150,000 rather than $75,000?
On January 1. 20X1, Graham Corporation purchased equipment by agreeing to pay $100,000 down and signing an installment loan agreeing to make three payments of $100,000 each at the end of 20X1, 20X2, and 20X3. The going rate of interest on similar tra..
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Based on retail sales estimates from the state Department of Revenue, additional sales taxes were accrued in the amount of $40,000. On December 31, 2014, $500 of interest was accrued on the investment in Treasury notes. Fair market value of these no..
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