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Calculate the estimated tax for a Schedule C business using the following information: o Revenue - $50,000 I o Expenses $30,000 o Federal tax
Calculate the estimated tax for a Schedule C business using the following information: o Revenue - $50,000 I o Expenses $30,000 o Federal tax rate of 22%, State tax rate of 6%, Self-Employment (SE) tax rate from the IRS reading. o To keep it simple, there are no other deductions to consider. Calculate the net income for this business including taxes.
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Financial and Managerial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
12th edition
978-1133952428, 1285078578, 1133952429, 978-1285078571
