For 2021, what is the social security tax rate and income limit for a self-employed individual? Rate Income Limit 

a. 2.9% Unlimited income. 

b. 12.4% Unlimited income. 

c. 15.3% $ 142,800. 

d. 12.4% $ 142,800.

Nadia sells a parcel of land for $50,000 cash and the buyer assumes Nadia's liability of $7,000 on the land. Nadia's basis in the land is $40,000. What is the gain or loss to be recognized on the sale?