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JC recently graduated from veterinary school and opened their own professional practice. This year, their net profit was $ 2 9 , 4 0 0
JC recently graduated from veterinary school and opened their own professional practice. This year, their net profit was $ Assume JC does not qualify for the QBI deduction.
Required:
a Compute JCs aftertax income from their practice assuming their selfemployment tax is $ and their marginal income tax rate is percent.
b What percentage of the federal tax burden on JCs business income is represented by the selfemployment tax?
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Compute JCs aftertax income from their practice assuming their selfemployment tax is $ and their marginal income tax rate is percent.
Note: Round your intermediate calculations to the nearest whole dollar amount.
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