Question
1.) Betsy purchased a piece of new equipment (7-year MACRS) for $270,000 for her business on March 1, 2021. Betsy is eligible for the maximum
1.) Betsy purchased a piece of new equipment (7-year MACRS) for $270,000 for her business on March 1, 2021. Betsy is eligible for the maximum Section 179 expense. What is her cost recovery for 2021, assuming she applies Section 179?
2.) Juanita, who is single and 45 years of age, received $50,000 in self-employment income in 2021. What is her self-employment tax for the year?
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Financial Accounting Theory
Authors: William R Scott
5th Edition
0132072866, 978-0132072861
