Juan, who is single, is a self-employed carpenter as well as an e His self-employment net income is $28,350, and he received a $20,500. He is covered by his employer's pension plan, but his plan in which he could participate. Required: a. Up to how much of his self-employed health insurance premiu any? b. How much of Juan's self-employment taxes would be deductib

Juan, who is single, is a self-employed carpenter as well as an e His self-employment net income is $28,350, and he received a $20,500. He is covered by his employer's pension plan, but his plan in which he could participate. Required: a. Up to how much of his self-employed health insurance premiu any? b. How much of Juan's self-employment taxes would be deductib

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 12DQ

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Smithers is a self-employed individual who earns $27,000 per year in self-employment income. Smithers pays $1,850 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI deduction and where the premiums are deductible. Problem 6-28 Part-a (Algo) a. Smithers is single and the self-employment income is his only source of income. b. Smithers is single, but besides being self-employed, Smithers is also employed part time by SF Power Corporation. This year Smithers elected not to participate in SF's health plan. c. Smithers is self-employed and is also married. Smithers’s spouse, Samantha, is employed full time by SF Power Corporation and is covered by SF’s health plan. Smithers is not eligible to participate in SF's health plan.…