Charles Land, a cash-basis farmer, has gross income of $2,190 and net income of $395 from his farming activity. Which of the following is the correct amount on which Mr. Land may compute his optional method of self-employment tax? (A) $395 (B) $1,460 (C) $4,520 (D) $4,894

Charles Land, a cash-basis farmer, has gross income of $2,190 and net income of $395 from his farming activity. Which of the following is the correct amount on which Mr. Land may compute his optional method of self-employment tax? (A) $395 (B) $1,460 (C) $4,520 (D) $4,894

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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(A) $395

(B) $1,460

(D) $4,894

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