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Exercise 11-9 (Algorithmic) (LO. 6) In 2021, Miranda records net earnings from self-employment of $198,200. She has no other gross income. Determine the amount of
Exercise 11-9 (Algorithmic) (LO. 6) In 2021, Miranda records net earnings from self-employment of $198,200. She has no other gross income. Determine the amount of Miranda's self-employment tax and her for AGI income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is $ 183,038 X and she has a $ 10,660 X deduction for AGI. Feedback Check My Work The tax on self-employment income is levied to provide Social Security and Medicare benefits (old age, survivors, and disability i hospital insurance) for self-employed individuals
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