Jack, age 58, runs his own business. During 2014, Jack reports $135,685 of revenues and $87,167 of
Question:
Jack, age 58, runs his own business. During 2014, Jack reports $135,685 of revenues and
$87,167 of expenses on Schedule C. If Jack has no other sources of earned income, what amount of Jack’s Schedule C activities does he multiply by the 15.3% self-employment tax rate?
a. $44,806
b. $135,685
c. $125,305
d. $48,518
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Related Book For
Essentials Of Federal Income Taxation For Individuals And Business
ISBN: 9780808038009
15th Edition
Authors: Linda M. Johnson
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