Kk.14. Calculate the total Social Security and Medicare tax burden on a sole proprietorship earning 2022 profit of $300,000, assuming asingle sole proprietor with no other earned income.Note: Round your intermediate calculations to the nearest whole dollar amount.Total tax

ANSWER:- Total tax=$ 26,955.90 =$ 26,956 (nearest value)

Answered: Calculate the total Social Security and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Calculate the total Social Security and Medicare tax burden on a sole proprietorship earning 2022 profit of $300,000, assuming a single sole proprietor with no other earned income. Note: Round your intermediate calculations to the nearest whole dollar amount. Total tax