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Mrs. Singer owns a profitable sole proprietorship. For each of the following cases, use Schedule SE, Form 1040, to compute her 2021 self-employment tax and
Mrs. Singer owns a profitable sole proprietorship. For each of the following cases, use Schedule SE, Form 1040, to compute her 2021 self-employment tax and her income tax deduction for such tax.
Required:
- Compute 2021 self-employment tax and the income tax deduction for such tax if Mrs. Singers net profit from Schedule C was $51,458. She had no other earned income.
- Compute 2021 self-employment tax and the income tax deduction for such tax if Mrs. Singers net profit from Schedule C was $51,458, and she received a $110,000 salary from an employer.
- Compute 2021 self-employment tax and the income tax deduction for such tax if Mrs. Singers net profit from Schedule C was $51,458, and she received a $155,000 salary from an employer.
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