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Alice is single and self-employed in 2021. Her net business profit on her Schedule C for the year is $198,000. What are her self-employment tax liability and additional Medicare tax liability for 2021? (Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability Additional medicare tax liability

Alice is single and self-employed in 2021. Her net business profit on her Schedule C for the year is $198,000. What are her self-employment tax liability and additional Medicare tax liability for 2021? (Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability Additional medicare tax liability

FINANCIAL ACCOUNTING
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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Alice is single and self-employed in 2021. Her net business profit on her Schedule C for the year is $198,000. What are her self-employment tax liability and additional Medicare tax liability for 2021? (Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability Additional medicare tax liability
Transcribed Image Text:Alice is single and self-employed in 2021. Her net business profit on her Schedule C for the year is $198,000. What are her self-employment tax liability and additional Medicare tax liability for 2021? (Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability Additional medicare tax liability
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