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Tax Accounting questions
Question Description
****************************************************Personal, Dependency exemption: $3,950
Filing Status Deduction* |
Basic Standard Deduction** |
Additional Standard |
Social Security Base Amounts |
Married Joint |
$12,400 |
$1,200 |
$32,000\$44,000 |
Single |
6,200 |
1,550 |
$25,000\$34,000 |
Head of Household |
9100 |
1550 |
$25,000\$34,000 |
*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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