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O insert Question 14 of 15. Each of the following statements is correct with respect to the farm optional method of computing self-employment tax EXCEPT:
O insert Question 14 of 15. Each of the following statements is correct with respect to the farm optional method of computing self-employment tax EXCEPT: if gross farm income is $8,460 or less, self-employment tax may be computed on the amount of gross farm income. If gross farm income is $8,460 or less, a farmer can elect the optional method, regardless of the amount of net farm income If gross farm income is more than $8,460, a farmer can elect the optional method if net farm income is less than $6,107 If gross farm income is more than $8,460 and net farm income is less than $6,107, self-employment tax, using the optional method, is computed on $8,460
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