self-employed psychiatri
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Tony is a 45-year-old self-employed psychiatrist who has net earned income of $300,000 in 2021. What is the maximum amount he can contribute to his SEP for the year?
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- Valentino is a patient in a nursing home for 45 days of 2019. While in the nursing home, he incurs total costs of 13,500. Medicare pays 8,000 of the costs. Valentino receives 15,000 from his long-term care insurance policy, which pays while he is in the facility. Assume that the Federal daily excludible amount for Valentino is 370. Of the 15,000, what amount may Valentino exclude from his gross income?Joan, a single mother, has AGI of $61,500 in 2019. In September 2019 , she pays $5,000 in qualified tuition for her dependent son who just started at Big University. What is Joan's American Opportunity credit for 2019? $0 $1,250 $2,125 $2,500 Some other amountRex Luther is an Anesthesiologist. He is single and has an adjusted gross income of $244,500. He paid $5,200 in student loan interest in 2022. How much can he deduct in student loan interest as an adjustment to his income?
- Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $38,200. How much Social Security and Medicare must he pay (in $) this year?Ann is single and works full-time. In 2020, Ann paid child care expenses of $6,000 for someone to care for her dependent child so that she could work. If Ann's AGI is $50,000, what is the amount of her Child and Dependent Care Expense (CDC) Credit? Assume Ann's credit percentage is 20%. Enter your answer as a positive number.Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income was $280,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Problem 13-85 Part b (Algo) b. She sets up an individual 401(k). Maximum contribution
- Barry, age 68, started taking his Social Security benefits at his FRA of 66. He is receiving Social Security benefits of $30,000 per year. Based upon the earnings limitation rules and assuming Barry had the below income for 2024, how much of his Social Security benefits would the Social Security Administration withhold?Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2021). In 2021, her net Schedule C income was $130,000. This was her only source of income. This year, Elvira is considering setting up a retirement plan. What is the maximum amount Elvira may contribute to the self-employed plan in each of the following situations? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) a. She sets up a SEP IRA.Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2021). In 2021, her net Schedule C income was $130,000. This was her only source of income. This year, Elvira is considering setting up a retirement plan. What is the maximum amount Elvira may contribute to the self-employed plan in each of the following situations? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) a. She sets up a SEP IRA.**Please include self employment deductions in Schedule C
- Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2020). In 2020, her net Schedule C income was $300,000. This was her only source of income. This year, Rita is considering setting up a retirement plan.What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) a. She sets up a SEP IRA. b.She sets up an individual 401(k).Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income was $314,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Problem 13-85 Part a (Algo) a. She sets up a SEP IRA. Maximum contributionBelinda spent the last 60 days of 2019 in a nursing home. The cost of the services provided to her was $18,000 ($300 per day). Medicare paid $8,500 toward the cost of her stay. Belinda also received $5,500 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is $370. What is the effect on Belinda’s gross income?