Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

undefined Homework: MAL#6 Save Score: 0 of 1 pt 2 of 5 (1 complete) HW Score: 16.67%, 1 of 6... PI:14-44 (similar to) Question Help

undefinedimage text in transcribed

Homework: MAL#6 Save Score: 0 of 1 pt 2 of 5 (1 complete) HW Score: 16.67%, 1 of 6... PI:14-44 (similar to) Question Help Andrea has wages of $90,000 and net income from a small unincorporated business of $50,000 for 2020. (Click on the icon to view the self-employment tax rate table.) Requirements a. What is the amount of Andrea's self-employment (SE) tax and deduction for AGI for her SE tax? b. How would your answer to Part a change if Andrea's wages were $150,000 rather than $90,000? Requirement a. What is the amount of Andrea's self-employment (SE) tax and deduction for AGI for her SE tax? Begin by completing the table below to show Andrea's SE tax for 2020 and then enter her deduction for AGI for her SE tax. (Round all currency amounts to the nearest whole dollar. Abbreviations used: OASDI = old-age, survivors, and disability insurance; HI = hospital insurance [Medicare).) SE tax fl Reference X SE tax fl Total SE Category OASDI Rate Dollar Limit 12.4% $137,700 First $200,000 of self-employment income ($250,000 combined self employment income 2.9% for joint returns) Self-employment income greater than 3.8% $200,000 ($250,000 for joint returns) Medicare Medicare Print Done

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

Students also viewed these Accounting questions