stevenkhaauhs1740 stevenkhaauhs1740
  • 22-07-2020
  • Business
contestada

Alice is single and self-employed in 2019. Her net business profit on her Schedule C for the year is $100,000. What is her self-employment tax liability for 2019?

Respuesta :

stanfordgoddy stanfordgoddy
  • 24-07-2020

Answer:

$15,300

Explanation:

Remember, under the FICA Tax rate for 2019, the charge is 15.3% on first $132,900 of net income plus 2.9% on the net income in excess of $132,900. However, Alice net income is only about $100,000.

So, her Self employment tax liability =100,000 x 15.3% = $15,300 (since her net income doesn't exceed $132,900 we need not apply the 2.9% charge)

Answer Link

Otras preguntas

3(x-2)>-3 solve each inequality
how many sixths are in 4
round to the place value of the underlined digit 389,422 the 8 is underline
Lorenzo buys 3 shirts at S dollars a piece and 2 pairs of pants at P dollars a pair. What does the expression 3s + 2p represent?
14 is 20% of what number?
please help me I would really appreciate it
Mount Kilimanjaro, the tallest mountain in Africa, is 1088 meters taller than Mont Blanc, the tallest mountain in Europe. Mount McKinley is the highest point in
what is the seven weeks war in 4 lines or more
Explain history in three sentences.
12.6 - 3 what's it equal