Earnings from a sole proprietorship
Joe has $130,000 net earnings from a sole proprietorship. Joe's self-employment tax (rounded) for 2012 is:
A) $14,932.
B) $15,967.
C) $17,290.
D) None of the above.
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In addition, their daughter received a $10,000 scholarship to cover tuition. They have not taken advantage of any other type of tax benefit related to educational expenses. Their American Opportunity Tax Credit is:
Marguerite and Josephus have two children, ages 13 and 10. Their modified AGI is $120,500. What is their child tax credit?
Max's earned income is $35,000 and Alexandra's earnings from a part-time job are $5,000. What is the amount of the qualifying expenses for purposes of computing the child and dependent care credit?
All of the following statements regarding self-employment income/tax are true except:
Galaxy Corporation purchases specialty software from a software development firm for use in its business as of January 1 of the current year at a cost of $90,000. No hardware was acquired. How much of the cost can Galaxy deduct this year?
No benefits are realized from the research expenditures until next year. If Bauer Corporation elects to expense the research expenditures, the deduction is:
Costs that qualify as research and experimental expenditures include all of the following except:
In July of 2012, Pat acquired a new automobile for $28,000 and used the automobile 80% for business. No election is made regarding Sec. 179. Assuming her business use remains at 80%, Pat can take a maximum depreciation deduction in 2012 of:
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