Clayton owns and operates an auto repair shop. His net profit in 2022, reported on his Schedule C, Profit or Loss from Business (Sole Proprietorship), was $140,000. This was Clayton's only source of income during the year. He did not claim the self-employment health insurance deduction.What is the amount of self-employment tax he must pay? $16,032 $19,781 $21,420 $22,680
Clayton owns and operates an auto repair shop. His net profit in 2022, reported on his Schedule C, Profit or Loss from Business (Sole Proprietorship), was $140,000. This was Clayton's only source of income during the year. He did not claim the self-employment health insurance deduction.What is the amount of self-employment tax he must pay? $16,032 $19,781 $21,420 $22,680
Chapter6: Business Expenses
Section: Chapter Questions
Problem 59P
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Clayton owns and operates an auto repair shop. His net profit in 2022, reported on his Schedule C, Profit or Loss from Business (Sole Proprietorship), was $140,000. This was Clayton's only source of income during the year. He did not claim the self-employment health insurance deduction.What is the amount of self-employment tax he must pay?
$16,032
$19,781
$21,420
$22,680
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