1. Shawna earns $85,000 as a biologist for Berto Corporation. She also consults with other businesses on compliance with environmental regulations. During the current year, she earns $25,000 in consulting fees. Determine the amount of self-employment tax Shawna owes on her consulting income.
2. Using the information below, prepare a spreadsheet that will calculate an individual's taxable income. The spreadsheet should be flexible enough to accommodate single and married taxpayers as well as changes in the information provided below.
Number of dependents
|
2
|
Salary
|
$75,000
|
Interest
|
8,000
|
Deductions for adjusted gross income
|
2,800
|
Deductions from adjusted gross income
|
12,100
|