Your client Lawson Logan has a self-employment income of $70,000 in 2021. Write a letter to Lawson explaining self-employment tax. Additionally, calculate Lawsons self-employment tax and the deductible portion of self-employment tax. Include the following points in your letter. (50%)

The social security tax rate The Medicare rate The social security wage cap The employer portion of social security The employee portion of social security The employer portion of Medicare The employee portion of Medicare The deductible portion of self-employment tax

Include a few paragraphs explaining the additional medicare tax on high-wage earners.