Mrs. Singer owns a profitable sole proprietorship. For each of the following cases, use a Schedule SE,
Question:
Mrs. Singer owns a profitable sole proprietorship. For each of the following cases, use a Schedule SE, Form 1040, to compute her 2018 self-employment tax and her income tax deduction for such tax.
a. Mrs. Singer’s net profit from Schedule C was $51,458. She had no other earned income.
b. Mrs. Singer’s net profit from Schedule C was $51,458, and she received a $100,000 salary from an employer.
c. Mrs. Singer’s net profit from Schedule C was $51,458, and she received a $137,000 salary from an employer.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Principles Of Taxation For Business And Investment Planning 2020
ISBN: 9781259969546
23rd Edition
Authors: Sally Jones, Shelley Rhoades Catanach
Question Posted: