Katrina has wages of $150,000 in 2022. She also operates a small business that generated net profits
Question:
Katrina has wages of $150,000 in 2022. She also operates a small business that generated net profits of $10,000. What is Katrina’s total self-employment tax?
a. $0
b. $267.82
c. $290.00
d. $1,530.00
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (7 reviews)
B Max SS with ...View the full answer
Answered By
Mary Boke
As an online tutor with over seven years of experience and a PhD in Education, I have had the opportunity to work with a wide range of students from diverse backgrounds. My experience in education has allowed me to develop a deep understanding of how students learn and the various approaches that can be used to facilitate their learning. I believe in creating a positive and inclusive learning environment that encourages students to ask questions and engage with the material. I work closely with my students to understand their individual learning styles, strengths, and challenges to tailor my approach accordingly. I also place a strong emphasis on building strong relationships with my students, which fosters trust and creates a supportive learning environment. Overall, my goal as an online tutor is to help students achieve their academic goals and develop a lifelong love of learning. I believe that education is a transformative experience that has the power to change lives, and I am committed to helping my students realize their full potential.
5.00+
4+ Reviews
22+ Question Solved
Related Book For
Income Tax Fundamentals 2023
ISBN: 9780357719527
41st Edition
Authors: Gerald E. Whittenburg, Steven Gill
Question Posted:
Students also viewed these Social Science questions
-
Hiro owns and operates a small business that provides economic consulting services. During the year he spends $57,000 on travel to clients and other expenses. In addition, he owns a computer that he...
-
Bessie operates a small business that is registered for GST on a cash basis each quarter. She purchased a car costing $44,000 on 2 December 2020 that will be used 60% for business and 40% for private...
-
In 2017, Otis Knight opened a small business that he called The Corner Coffee Cart. The Corner Coffee Cart sells a variety of coffee-based beverages from a portable cart. Otispur chased the cart for...
-
Consider the agency relationship in malpractice cases under a contingency fee system. The plaintiff (party that sues) typically pays his or her attorney about one-third of any monetary damages that...
-
Consider H0: p = .45 versus H1: p < .45. a. A random sample of 400 observations produced a sample proportion equal to .42. Using = .025, would you reject the null hypothesis? b. Another random...
-
Use Fleurys algorithm to determine an Euler path. A B c D E
-
Use differential and opportunity cost to analyze the income effects of a given alternative.
-
WJTY Company issued $300,000, 11%, 10-year bonds on January 1, 2012, for $318,694. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1...
-
For questions 29-34: A group of boys and girls were surveyed and asked their eye color. 29. The results are shown in the partial table below. Complete the table. 30. Create a relative frequency table...
-
The steel bars AC and BC, each cross-sectional area 120 mm 2 , are joined at C with a pin. Determine the displacement of point C caused by the 15-kN load. Use E = 200 GPa for steel. 35 35 2.5 m 2.5 m...
-
Which of the following is not subject to self-employment tax? a. Gain on the sale of real estate held for investment b. Net earnings of a self-employed lawyer c. Distributive share of earnings of a...
-
The qualified business income deduction is unavailable to which of the following businesses: a. A sole proprietor dental practice that generates about $70,000 in income each year b. An incorporated...
-
What is the molecular formula for each of the following compounds? Consult Figures 1.13 and 1.14 for the abbreviated structural formulas. a. Nicotine b. Adenine c. Limonene d. Coumarin e. Benzene
-
Ten years ago, Mobiletex Ltd. Leased a patent for the manufacture of a gadget used in mobile phones from Quickcom Ltd. The lease agreement provided for payment of royalty at the rate of Sh.70 per...
-
Define Management Accounting and the components of the Manufacturing Statement.
-
A woman invests $6400 in an account that pays 6% interest per year, compounded continuously. (a) What is the amount after 2 years? (Round your answer to the nearest cent.) $ 7215.98 (b) How long will...
-
How do you pass a file name as an argument in python? What is the built in input function in python? Assist me in writing a small function named punctuate that takes an input parameter named txt ,...
-
Question 2 [8] Suppose you take a short position in a three-month futures contract on 2 500 kilograms of Fine Wool at a futures price of 1 010 cents per kilogram. You are required to deposit R19 000...
-
A random variable X takes values between 0 and 4 with a cumulative distribution function for 0 ¤ x ¤ 4. (a) What is P(X ¤ 2)? (b) What is P(1 ¤ X ¤ 3)? (c)...
-
Represent each of the following combination of units in the correct SI form using an appropriate prefix: (a) m/ms, (b) k m, (c) k s /mg, and (d) k m N.
-
During the 2018 tax year, Irma incurred the following expenses: Union dues..................................................................................$244 Tax return preparation...
-
Richard and Christine McCarthy have a 19-year-old son (born 10/2/99; Social Security number 555-55-1212), Jack, who is a full-time student at the University of Key West. Years ago, the McCarthys...
-
A. Richard McCarthy (born 2/14/64; Social Security number 100-10-9090) and Christine McCarthy (born 6/1/1966; Social security number 101-21-3434) have a 19-year-old son (born 10/2/99 Social Security...
-
1. Which of the following is NOT authoritative guidance that applies AICPA members providing forensic accounting services? a. Generally accepted auditing standards b. AICPA Code of Professional...
-
Select all that apply Not recording an accrued expense will have the following effect on the financial statement: Multiple select question. expenses on the income statement will be overstated....
-
If Total Liabilities increase, which of the following MUST be true?Group of answer choicesAssets MUST increaseAssets minus owners equity Must increaseOwners equity MUST increaseOwners equity minus...
Study smarter with the SolutionInn App