Calculate the amounto of self -employment tax that Aaron will be required to pay for the tax year 2020.
Calculate the amounto of self -employment tax that Aaron will be required to pay for the tax year 2020.
Chapter9: Payroll, Estimated Payments, And Retirement Plans
Section: Chapter Questions
Problem 13MCQ
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1.
Aaron owns and operates a shipping business. He had gross income of $ 345,00 and expenses totaling of $ 150,000. Calculate the amounto of self -employment tax that Aaron will be required to pay for the tax year 2020.
- $ 17,075
- $ 22,297
- $ 27,553
- $ 29835
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