Question
Erin and Andy are married. Erin is a general partner in a successful bakery. Her share of ordinary income was $136,885. Erin also works part-time
Erin and Andy are married. Erin is a general partner in a successful bakery. Her share of ordinary income was $136,885. Erin also works part-time for a paper company. Her W-2 reported $36,943 in wages. Andy is a successful executive and his W-2 reported $157,000 in wages.
a. Calculate Erin’s self-employment tax.
b. Calculate the amount of Additional Medicare Tax that Erin and Andy owe based on their income.
c. Calculate Erin and Andy’s AGI.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
a Calculate Erins selfemployment tax Share of ordinary income 136885 Self employment tax rate 1530 S...
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Step: 2
Step: 3
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Business Communication Process and Product
Authors: Mary Ellen Guffey
6th Edition
324578679, 9780324578683, 9780324542905, 176721258, 9780324578676, 324542909, 9780176721251, 978-0324542905
