Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 11, 2024

lice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is $176,000. What is her self-employment tax

lice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is $176,000. What is her self-employment tax liability and additional Medicare tax liability for 2020? (Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.)

1. self employment tax liability =

2 additinal medicare liability =

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered 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

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

Students also viewed these Finance questions

Question

★★★★★

Compute return on assets for each of these Best Buy divisions (each is an investment center). Comment on the relative performance of each investmentcenter. Investment Center Cameras and camcorders...

Answered: 1 week ago

Question

★★★★★

Confronting Fear Describe a situation in which fear held you back from taking a risk or pursuing a goal. What caused your fear? How did you handle it then, and how would you handle i t n ow?...

Answered: 1 week ago

Question

★★★★★

Refer to the data for Lavage Rapide in Exercises 108 and 10-40. Required: Prepare a report showing the companys revenue and spending variances for August.

Answered: 1 week ago

Question

★★★★★

Home Realty, Incorporated, has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the total outstanding stock of 9,000 shares and is the managing executive in...

Answered: 1 week ago

Question

★★★★★

Marvin has aCobb-Douglas utilityfunction, U=q1^0.5xq2^0.5, his income is Y=$300, and initially he faces prices of p1=$2 and p2=$1. If p1 increases from $2 to $4, what are his compensating...

Answered: 1 week ago

Question

★★★★★

You have $375,000 to invest in a share portfolio. Your choices are as follows: Invest in FTV with an expected return of 14.25%. Invest in FHL with an expected return of 8.7%. FTV has a beta of 1.58....

Answered: 1 week ago

Question

★★★★★

1-18 Find the volume of the solid obtained by rotating the region bounded by the given curves about the specified line. Sketch the region, the solid, and a typical disk or washer. 1. y=2x, y = 0, x =...

Answered: 1 week ago

Question

★★★★★

about the case study "The Westerville Physician Practice: Value-Stream Mapping" on Pages 445 - 448 of our textbook, total wait time is 111minutes, processing time is 67minutes. I have questions about...

Answered: 1 week ago

Question

★★★★★

1. Your friend asks you to invest $10,000 in a business venture. Based on your estimates, you would receive nothing for four years, at the end of year 5 you would receive interest on the investment...

Answered: 1 week ago

Question

★★★★★

1 ) A global contracting organisation suffers from different types of organisational conflicts internally and within its clients and supply chain. You are appointed as a consultant to advise senior...

Answered: 1 week ago

Previous Question Next Question