Mahadyuti
Sep 10, 2015, 08:27 AM
************************************************** **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?
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?