Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Kate is self-employed and earned net business income of $82,154 in 2021. She completed Schedule SE and found that she owes $11,608 of self-employment tax.
Kate is self-employed and earned net business income of $82,154 in 2021. She completed Schedule SE and found that she owes $11,608 of self-employment tax. How much of this self-employment tax is deductible for AGI (above-the-line) on her 2021 income tax return? $0 O $11,608 O $5,804 O $4,287 O $6,285 During 2021, Olivia was an employee of two different companies. She earned $100,000 from Company A and $60,000 from Company B. What will be her credit for Excess Payroll Tax Withholding (excess Social Security withheld) for the year? O $3,412 O $2,632 O $1,066 $0 O $1,316
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started