What is tom self-employment income

Assignment Help Basic Statistics
Reference no: EM132057785

An S corporation has the following information for the taxable year:

Net income before the following listed items: $120,000

Tom's salary: ($50,000)

Other income: $40,000

Other expenses: ($20,000)

Resulting Net Income: $90,000

Tom is a 20% owner of the S corporation and he performs services for the business as an employee. What is Tom's self-employment income?

  • 120000
  • 90000
  • 70000
  • 0

Reference no: EM132057785

Questions Cloud

How much will you have in the account when you retire at age : How much will you have in the account when you retire at age 65?
What is the client realized gain : If the market of Speedy Airlines is trading at $40.72 at expiration, what is the client's realized gain? Round the answers to two decimal places.
Purchase of marketable securities : If Burgers, Inc., would like to maintain its cash account at a minimum level of $256,000 but expects the standard deviation in net daily cash flows
Discuss the issue of executive pay and explanations : Discuss the issue of executive pay and explanations of why executive pay may be justified.
What is tom self-employment income : Tom is a 20% owner of the S corporation and he performs services for the business as an employee. What is Tom's self-employment income?
Stakeholders in the health care payer system : Are stockholders and bondholders considered stakeholders in the health care payer system?
Who are the stakeholders in a water company firm : Who are the stakeholders in a water company firm? What are their roles? And who benifits the most to the company?
Which option is the most rational : He offers you 3 choices for paying you back, 10000$ today or 12800$ in exactly 2 years or 14800$ in exactly 4 years.
Appropriate estimate for the cost of capital for new : All firms' tax rate is 36%. What would be an appropriate estimate for the cost of capital for this new venture?

Reviews

Write a Review

Basic Statistics Questions & Answers

  Determine the probability that two cards of the same suit

Suppose the probability of a boy being born is the same as the probability of a girl being born. Find the probability that a family with three children will have two boys and one girl.

  Create the scatterplot for given scores

Create the scatterplot for these scores.- Calculate the mean and standard deviation for the variable "number of candidates supported."

  Central limit theorem and poisson distribution

A business has 5 telephone lines. The first rings every minute on the average, the second every ½ minute, the third every 2 minutes, the fourth every 5 minutes,

  One sample is contained in the file labeled theight

hono golf is a manufacturer of golf products in taiwan and china. one of the golf accessories it produces at its plant

  Find probability that the price of microsoft window upgrade

In a recent year, the average price of a Microsoft Windows Upgrade was $90.28 according to PC Data. Assume that prices of the Microsoft Windows Upgrade.

  Television and subway ads

City officials attribute the lower smoking rate to factors including a cigarette tax increase, a ban on workplace smoking, and television and subway ads that graphically depict tobacco-related illnesses.

  Find the cost of the automobile in the pacific northwest

A particular automobile costs an average of $17,755 in the Pacific Northwest. The standard deviation of prices is $650. Suppose a random sample of 30 dealership

  Information about probability question

Each salesperson at stiles compton is rated either below average, average, or above average with respect to sales ability. Each salesperson is also rated with respect to his or her potential for advancement.

  Find the lower-middle and upper quartiles of the data set

The following data are numbers of passengers on flights of Delta Air Lines between San Francisco and Seattle over 33 days in April and early May.

  Find probability that drivers were wearing their seat belts

A random sample of 700 drivers has been taken. What is the probability that between 538 and 546 of the drivers were wearing their seat belts?

  Market for optical copiers is shrinking rapidly

The market for optical copiers is shrinking rapidly. It is expected that by 2010 as much as 90 percent of all duplicated documents will be done on computer printers. Can a company such as Xerox Corporation survive?

  Which requirements are a bit dubious in setting

What do the data appear to show? Check the conditions for one-way ANOVA. Which requirements are a bit dubious in this setting?

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