Frieda has the following income items in 2023: Sole proprietorship income of $200,000 General partnership income of $10,000 Interest income of $50,000 What is the amount of self-employment tax that Frieda owes? (The Social Security wage base for 2023 is $160,200.) A)
Frieda has the following income items in 2023: Sole proprietorship income of $200,000 General partnership income of $10,000 Interest income of $50,000 What is the amount of self-employment tax that Frieda owes? (The Social Security wage base for 2023 is $160,200.) A)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Frieda has the following income items in 2023:
Sole proprietorship income of $200,000
General
Interest income of $50,000
What is the amount of self-employment tax that Frieda owes? (The Social Security wage base for 2023 is $160,200.)
A)
$36,737
B)
$28,259
C)
$19,865
D)
$21,068
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