Required A Required BWhat percentage of the federal tax burden on JC's business income is represented by the self-employment tax? (Round youranswer to the nearest whole percent.)Self-employment tax%< Required ARequired B > JC recently graduated from veterinary school and opened her own professional practice. Assume JC does not qualifyfor the QBI deduction. This year, her net profit was $27,900.a. Compute JC's after-tax income from her practice assuming her self-employment tax is $3,942, and her marginalincome tax rate is 22 percent.b. What percentage of the federal tax burden on JC's business income is represented by the self-employment tax?Complete this question by entering your answers in the tabs below.Required A Required BCompute JC's after-tax income from her practice assuming her self-employment tax is $3,942, and her marginal income taxrate is 22 percent. (Round your intermediate calculations to the nearest whole dollar amount.)After-tax income< Required ARequired B >

We obtain JC's net profit ($27900) from the question, The one-half- self employment tax ($1971) is…

Answered: . Compute JC's after-tax income from…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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JC recently graduated from veterinary school and opened their own professional practice. This year, their net profit was $22,300. Assume JC does not qualify for the QBI deduction. Required: a. Compute JC's after-tax income from their practice assuming their self-employment tax is $3,151, and their marginal income tax rate is 22 percent. b. What percentage of the federal tax burden on JC's business income is represented by the self-employment tax? Complete this question by entering your answers in the tabs below. Required A Required B What percentage of the federal tax burden on JC's business income is represented by the self-employment tax? Note: Round your answer to the nearest whole percent. Self-employment tax %
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. Compute JC's after-tax income from her practice assuming her self-employment tax is $3,942, and her marginal income tax rate is 22 percent. . What percentage of the federal tax burden on JC's business income is represented by the self-employment tax?