Question: George has $83,000 in salary from his full-time position and $43,000 in net income in 2016 from his sole proprietorship. What is his self-employment tax?

George has $83,000 in salary from his full-time position and $43,000 in net income in 2016 from his sole proprietorship. What is his self-employment tax? What portion of this can he deduct?

Step by Step Solution

★★★★★

3.42 Rating (158 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

George pays 5554 and deducts 2777 George first multiplies his 430... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1333-B-T-C-T(71).docx

120 KBs Word File

Students Have Also Explored These Related Taxation Questions!

George has $78,200 in salary from his full-time position and $43,000 in net income in 2013 from his sole proprietorship. What must he pay for self-employment tax? What portion of this can he deduct?

George has $91,700 in salary from his full-time position and $43,000 in net income in 2018 from his sole proprietorship. What is his self-employment tax? What portion of this can he deduct?

Eve and Tom own 40% and 60%, respectively, of the ET Partnership, which manufactures clocks. The partnership is a limited partnership, and Eve is the only general partner. She works full-time in the...

Tax Return for Individual Compute Marias net federal tax payable or refund due for 2018. If she incurs a penalty, she wants to pay it with her tax return. If she is to receive a tax refund, she wants...

George has $96,200 in salary from his full-time position and $43,000 in net income in 2019 from his sole proprietorship. What is his self-employment tax? What portion of this can he deduct?

George has $91,700 in salary from his full-time position and $43,000 in net income in 2017 from his sole proprietorship. What is his self-employment tax? What portion of this can he deduct?

37. George has $96,200 in salary from his full-time position and $43,000 in net income in 2019 from his sole proprietorship. What is his self-employment tax? What portion of this can he deduct?

35. George has $71,300 in salary from his full-time position and $43,000 in net income in 2011 from his sole proprietorship. What must he pay for self-employment tax? What portion of this can he...

1. Nick, age 53, is single and has AGI of $67,000. He contributes $5,000 to his IRA in 2018. How much can Nick deduct if he is not covered by an employer-sponsored qualified retirement plan? How much...

George has $62,000 in salary from his full-time position and $43,000 in net income in 2007 from his sole proprietorship.What must he pay for selfemployment tax? What portion of this can he deduct?...

The following direct materials variance analysis was performed for Brookman. (Click the icon to view the materials variance analysis.) Read the requirements.

Consider a firm producing a single well with selling price p. The cost to produce q units is q2/2 1. Whats the optimal value of q for the shareholder? Now assume that a manager receives a...

describe Debt Debt with Conversion and Other Options ( Subtopic 4 7 0 - 2 0 )

3. What is the aggregate production function in this model? Is labour unproductive at the aggregate level (also when

Explain the difference between a tax protection plan and a tax equalization plan. Which one is usually less costly to the employer?

Charlie, who is in the 39-6 percent marginal tax bracket, is the president and sole owner of Charlie Corporation (a C corporation in the 34 percent tax bracket). His current salary is $700,000 per...

Problem 9 The point of averages of a scatterplot of Y against X is (-13, 19 ). The SD of X is 4, and the SD of Y is 5. The decimal fraction of points in the scatterplot whose X coordinates are...

HELP ME I NEED THE ANSWERS VERY BADLY, TOMORROW IS MY EXAM, HELP ME PLEASE. I WILL UPVOTE AND TELL MY FRIENDS TO UPVOTE Look at the fileinex, Is Implement the function duplicutestudentulithat...

Situational Software Co. (SSC) is trying to establish its optimal capital structure. Its current capital structure consists of 30% debt and 70% equity; however, the CEO believes that the firm should...