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Author Question: Lara started a self-employed consulting business in the last part of the year and earned $60,000 of ... (Read 112 times)

bobthebuilder

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Question 1

The itemized deduction phase-out, which has the effect of increasing regular taxable income for high income taxpayers, will also raise AMTI.
◦ true
◦ false

Question 2

Lara started a self-employed consulting business in the last part of the year and earned $60,000 of self- employment income. She had been employed as manager in a consulting firm prior to starting her own business and had earned $175,000. 
(a) What is Lara's Additional Medicare Tax for 2016, if any?
(b) What is Lara's deduction for AGI for the Additional Medicare Tax?


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Marked as best answer by bobthebuilder on Sep 13, 2020

micaelaswann

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bobthebuilder

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review


sailorcrescent

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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