Tax Accounting questions

timer Asked: Sep 10th, 2015

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?

Tutor Answer

(Top Tutor) Studypool Tutor
School: Boston College
Studypool has helped 1,244,100 students
flag Report DMCA
Similar Questions
Hot Questions
Related Tags

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors