FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Kyle owns and operates an online tax training company. His net profit on Schedule C (Form 1040) in 2020 was $197,000. What is the amount

Kyle owns and operates an online tax training company. His net profit on Schedule C (Form 1040) in 2020 was $197,000. What is the amount of SE tax he must pay?

A)$22,351

B)$24,428

C)$27,835

D)$30,141

Homework please help!

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting

College Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Deanna C. Martin, Jill E. Mitchell

1st Edition

119-40600-6, 978-1119405962

Students also viewed these Accounting questions

Question

When Jenny returns home from her local supermarket, she has to pass through three sets of traffic lights. During the last 50 times she did that, she had to stop her car at the first set of traffic...

Answered: 1 week ago

Question

★★★★★
Health World began January with an inventory of 50 crates of vitamins that cost a total of $1,000. During the month, Health World purchased and sold merchandise on account as follows: Purchase 1 . ....

Answered: 1 week ago

Question

★★★★★
PLEASE HELP WILL THUMBS UP i) Which type of crystal structure doe this most closely resemble?(ignore that they are not all the same color): j) What is the Atomic packing Factor for this structure?:...

Answered: 1 week ago

Question

★★★★★
Compute ending inventory, cost of goods sold, and gross profit. (I came up with: $5,941,000; $18,981,000; $8,774,000 respectively, which is showing as incorrect.) Paul Sun Fun manufactures three...

Answered: 1 week ago

Question

★★★★★
The Austin Manufacturing Company wants to develop a cost estimating equation for its monthly cost of electricity. It has the following data: Month Cost of Electricity Direct Labor Hours January...

Answered: 1 week ago

Question

★★★★★
12. Portfolio Variance (LO2, CFA5). Use the following information to calculate the expected return and standard deviation of a portfolio that is 50 percent invested in 3 Doors, Inc., and 50 percent...

Answered: 1 week ago

Question

★★★★★
Can you calculate the NPV, IRR, and Payback for the following information: The minimum price for a condominium unit is $300,000, and buyers expect a high-quality project. Response to the initial...

Answered: 1 week ago

Question

★★★★★
Diman, lessor leased a lot to Dili, lessee for 15 years beginning January 2019, subject to the following terms and conditions: Mothly rental 200000 Advance rental for 2 years 480000 Security deposit...

Answered: 1 week ago

Question

★★★★★
1. Alejandro knows that he needs $32,100 per year to live comfortably now. He plans to retire in about 39 years and plans to be retired for about 23 years after that. Determine... a. [2 pts] how much...

Answered: 1 week ago

Previous Question Next Question