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Author Question: Vincent makes the following gifts during 2016: $15,000 cash gift to wife Gift of automobile valued ... (Read 72 times)

leo leo

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Question 1

Mia is self-employed as a consultant. During 2016, Mia earned $180,000 in self-employment income. What is Mia's self-employment tax?

Question 2

Vincent makes the following gifts during 2016:

$15,000 cash gift to wife
Gift of automobile valued at $35,000 to his adult son
Gift of golf clubs valued at $5,000 to a friend
$10,000 contribution to church

Although he is married, none of the gifts are considered joint gifts with his wife. What are the total taxable gifts subject to the unified transfer tax?


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Marked as best answer by leo leo on Sep 13, 2020

Sammyo

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leo leo

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Reply 2 on: Sep 13, 2020
Excellent


Chelseyj.hasty

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

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