In 2021, Landon has self-employment earnings of $195,000. Required: Compute Landon's self-employment tax liability and the allowable income tax deduction of the self-employment tax paid. Note: Round your intermediate computations and final answers to the nearest whole dollar value. Total self-employment tax liability Self-employment tax deduction $ $ Amounts 22,297 11,149

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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In 2021, Landon has self-employment earnings of $195,000.
Required:
Compute Landon's self-employment tax liability and the allowable
income tax deduction of the self-employment tax paid.
Note: Round your intermediate computations and final answers
to the nearest whole dollar value.
Total self-employment tax liability
Self-employment tax deduction
$
Amounts
22,297
11,149
Transcribed Image Text:In 2021, Landon has self-employment earnings of $195,000. Required: Compute Landon's self-employment tax liability and the allowable income tax deduction of the self-employment tax paid. Note: Round your intermediate computations and final answers to the nearest whole dollar value. Total self-employment tax liability Self-employment tax deduction $ Amounts 22,297 11,149
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