Tax Accounting questions

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Question description

****************************************************Personal, Dependency exemption: $3,950

Filing Status Deduction*

Basic Standard Deduction**

Additional Standard

Social Security Base Amounts

Married Joint








Head of Household




*Special rules if claimed on someone else’s tax return

**Blind taxpayer, taxpayer 65 or older

Self employment taxes are assessed at 15.35% of net* self-employment income below $117,000 and at 2.9% on the excess. *net=92.35% of the amount reported. Note that the $117,000 amount is reduced by wages paid. Salary does not reduce the 2.9% tax

Tax rate on qualified dividents

·  0%--MTR 10% or 15%

·  15%--MTR between 25% and 35%

·  20%--MTR=39.6%

1. Jake received a salary of $105, 000 during 2014, which was not church employee income. His ordinary income subject to self-employment taxes from partnership. What is his tax liability for self-employment taxes?

2. For 2014, Your Corporation had taxable income of $478,000. It shows $15,000 of dividends. What is the corporation’s taxable income?

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(Top Tutor) Daniel C.
School: New York University
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