September 2023 In describing FICA taxes for self employed taxpayers which if any of the following statements is

2024 Federal Tax Assignment Help

In describing FICA taxes for self employed taxpayers which if any of the following statements is 2023

In describing FICA taxes for self-employed taxpayers, which (if any) of the following statements is correct? a. Self-employed taxpayers are allowed an itemized deduction for all of the self-employment taxes paid. b. Self-employed taxpayers are allowed a deduction from their net earnings from self-employment at one-half self-employment rate in determining the self-employment tax. c. Individuals with net earnings of $1,000 or more from self-employment are subject to the tax. d. Self-employed taxpayers pay only the employee’s one-half portion of the tax. Brittney purchased an office building, built in 1973, for her business and has learned that current Federal Regulations require the structure to be accessible to handicapped individuals. Therefore, she incurs an additional $12,250 for various features, such as ramps and widened doorways, to make her office building more accessible. The $12,250 incurred will produce a disabled access credit of what amount? a. $1,000. b. $5,000. c. $6,000. d. None of the above. The work opportunity tax credit is available for up to $8,000 of wages paid to employees in their first year of employment. True False Gerald and Mary each make a $3,000 contribution to their tradtional IRA in 2013. If their AGI is $45,000 on their joint return, what is the amount of their credit for certain retirement plan contributions? a. $6,000. b. $3,000. c. $800. d. $400. Taylor and Jordan are married and file a joint tax return claiming their two children, ages 12 and 9 as dependents. Their AGI for 2013 is $100,000. Taylor and Jordan’s child tax credit for 2013 is: a. $0. b. $1,700. c. $1,900. d. $2,000.

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