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Allison has wages of $70,000 and net income from a small unincorporated business of $20,000 for 2022. View the self-employment tax rate table. Requirements a.
Allison has wages of $70,000 and net income from a small unincorporated business of $20,000 for 2022. View the self-employment tax rate table. Requirements a. What is the amount of Allison's self-employment (SE) tax and deduction for AGI for her SE tax? b. How would your answer to Part a change if Allison's wages were $161,000 rather than $70,000? Requirement a. What is the amount of Allison's self-employment (SE) tax and deduction for AGI for her SE tax? Begin by completing the table below to show Allison's SE tax for 2022 and then enter her deduction for AGI for her SE tax. (Round all currency amounts to the nearest whole dollar. Abbreviations used: OASDI old-age, survivors, and disability insurance; HI = hospital insurance [Medicare].) SE tax for OASDI SE tax for HI Total SE tax Self-Employment Tax Rate Table - X Category OASDI Rate 12.4% Medicare Medicare 2.9% Dollar Limit $147,000 First $200,000 of self-employment income ($250,000 combined self employment income for joint returns) 3.8% Self-employment income greater than $200,000 ($250,000 for joint returns) Print Done
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