During 2021, Garth has a job as a civil engineer where he earns a salary of $120,000. He also has done some tree cutting work on his own, where he has earned a net income of $70,000. What are Garth's total employment (aka FICA) taxes for the year? And, what is the amount and description of the for AGI deduction associated with this calculation? In the text box that follows, please bold your answer at the top and include supporting work afterwards so that I can award partial credit.
During 2021, Garth has a job as a civil engineer where he earns a salary of $120,000. He also has done some tree cutting work on his own, where he has earned a net income of $70,000. What are Garth's total employment (aka FICA) taxes for the year? And, what is the amount and description of the for AGI deduction associated with this calculation? In the text box that follows, please bold your answer at the top and include supporting work afterwards so that I can award partial credit.
Chapter2: Income Tax Concepts
Section: Chapter Questions
Problem 33P
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