In 2023, Miranda records net earnings from self-employment of $191,600. She has no other income. Determine the amount of Miranda'sself-employment tax and her AGI income tax deduction.In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearestwhole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar.Miranda's self-employment tax is $X and she has a $X deduction for AGI.FeedbackCheck My WorkThe tax on self-employment income is levied to provide Social Security and Medicare benefits (old age, survivors, and disability insurance andhospital insurance) for self-employed individuals.

For the year 2013, the self- employment tax is 15.3 percent of self-employment income up to $160,200…

Answered: In 2023, Miranda records net earnings…

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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In 2023, Miranda records net earnings from self-employment of $191,600. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction.