Alice is single and self-employed in 2023. Her net business profit on her Schedule C for the year is $192,600. What are her self-employment tax liability and additional Medicare tax liability for 2023? Note: Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Answer is not complete. Self-employment tax liability Additional medicare tax liability $ 27,214

Alice is single and self-employed in 2023. Her net business profit on her Schedule C for the year is $192,600. What are her self-employment tax liability and additional Medicare tax liability for 2023? Note: Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Answer is not complete. Self-employment tax liability Additional medicare tax liability $ 27,214

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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Calculate the total Social Security and Medicare tax burden on a sole proprietorship earning 2019 profit of $300,000, assuming a single sole proprietor with no other earned income. (Round your intermediate calculations to the nearest whole dollar amount.)
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hr.4
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