Calculate stews self-employment tax

Assignment Help Financial Accounting
Reference no: EM13753293

Stew is a self-employed surfboard-maker in 2014. His schedule C net income is $104,000 for the year. He also has a part time job and earns $8,500 in wages subject to FICA taxes. Calculate Stew's self-employment tax for 2014 using Schedule SE.

Reference no: EM13753293

Questions Cloud

Operations and liquidate its business property : The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. Distributed cash based on safe balances immediately to the partners. Liquidation expenses of $8,000 are estimated as a basis for thi..
Determine the contribution margin in dollars : In the month of March, Trendy Spa services 630 clients at an average price of $120. During the month, fixed costs were $18,648 and variable costs were 65% of sales. Determine the contribution margin in dollars, per unit, and as a ratio
Flood insurance in advance : A company purchases one year of flood insurance in advance on May 1, paying $42,000 ($3,500/month).Record the adjusting entry on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fi..
Share cash dividend on its common stock : Watkins Enterprises earned net income of $95,000 during the year ended December 31,2012. On December 15, 2012, Watkins Enterprises declared the annual cash dividend on its 2% preferred stock (total par value, $140,000) and a $0.70 per share cash divi..
Calculate stews self-employment tax : Stew is a self-employed surfboard-maker in 2014. His schedule C net income is $104,000 for the year. He also has a part time job and earns $8,500 in wages subject to FICA taxes. Calculate Stew's self-employment tax for 2014 using Schedule SE.
Apply against his first quarter estimated tax payment : Harold Conners (Social Security number 785-23-9873) lives at 13234 DeMilo Drive, Houston, TX 77052, and is self-employed for 2014. He estimates his required annual estimated tax payment for 2014 to $6,544. He had a $674 overpayment of last year’s tax..
Hat is number of withholding allowances should phan claim : Phan Mai is a single taxpayer with two dependent children under 17. Phan estimates her wages for the year will be $36,000 and her itemized deductions will be $11,000. Assuming Pha files as head of household. What is the number of withholding allowanc..
Master budget problem : The Schrödinger Science Store operates a retail store in a local shopping mall. The results of operations for the fourth quarter of the past year are as follows: Sales and cost of sales are expected to increase by 15 percent in each of the next two q..
Activity-based costing problem : The Divine Cheesecake Shoppe is a national bakery that is known for its strawberry cheesecake. It also makes 12 different kinds of cheesecake as well as many other types of bakery items. It has recently adopted an activity-based costing system to ass..

Reviews

Write a Review

 

Financial Accounting Questions & Answers

  Standard fraud risk assessment question

the interests of catharsis and a civil society - I want you to conclude by discussing (briefly) any preventive or detective controls could be put into place to address your scheme.

  Identify the type of cost accounting systemarmstrong helmet

identify the type of cost accounting system.armstrong helmet company manufactures a unique model of bicycle helmet.nbsp

  How you lower tax rates but not amount of revenue collected

How do you lower tax rates but not the amount of revenue collected by the Treasury. If the tax rates are lowered does that not mean that the amount received by the Treasury would also be lowered?

  Prepare a schedule of cost of goods manufactured

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form.

  Calculate the capital gain or loss for john smith

Discuss capital gains tax consequences for John Smith for the year of assessment ending 29 February 2012 if he does not dispose of any more of his shares in Holdco Ltd and calculate the capital gain or loss for John Smith on the sale of one tenth o..

  Compute the amount of cash to be reported in the balance

compute the amount of cash to be reported in the balance sheet.the controller for clint eastwood co. is attempting to

  Determine the effective annual interest rate

Determine the effective annual interest rate on this loan, and determine the nominal annual rate assuming semiannual compounding. You may find the following form helpful.

  Prepare any necessary adjusting entries

Prepare an income statement for the year ended December 31, 2011, and a balance sheet as of December 31, 2011 and prepare all journal entries to record the information for 2012. Also prepare any necessary adjusting entries.

  Consider the levels of control

Advise Polaris Ltd whether it is required to produce consolidated financial statements (CFS). Consider the levels of control and the members' rights in your answer.

  Will asset for the year be overstated or understated

At the end of the fiscal year, the usual adjusting entry for depreciation on equipment was omitted. Will asset for the year be overstated or understated?

  Journalize the allocation of net income

Prepare a schedule showing the distribution of net income, assuming net income is (1) $50,000 and (2) $36,000 and journalize the allocation of net income in each of the situations above.

  Margin of safety in sales revenue

Calculate Break Even Point and margin of safety in sales revenue and number of shirts sold and what should be the breakeven point in number of shirts and sales?

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