Which of the following types of income is subject to the self-employment tax?
A. Gain on the sale of a home.
B. Income from a sole proprietor's coffee shop.
C. W-2 income.
D. Interest earned on a bank account.
Answer: B
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Indicate whether the statement is true or false
Multichannel distribution
A. may involve using both direct and indirect channels simultaneously. B. may create channel conflict. C. may offer producers a way to reach customers they would not be able to reach with a single channel. D. is becoming more common. E. All these answers are correct.
Hunter (age 68) and his wife Jenelle (age 70) file a joint return. They furnish all of the support of Luther (Hunter’s 90-year old father) who lives with them. In 2019, the couple received $6,000 of interest income on City of Chicago bonds and interest and dividend income on corporate stocks and bonds of $50,000. Compute Hunter and Jenelle’s taxable income for 2019.
What will be an ideal response?