Mary is a self-employed attorney. a. Assuming that Mary earns $27,500 from her practice, calculate the total amount of her self-employment tax liability for 2020. b. Assuming that Mary earns $163,000 from her practice, calculate the total amount of her self-employment tax liability for 2020. In your calculations, round all calculations to the nearest two decimals. These answers do not need to be rounded to the nearest whole dollar.
Mary is a self-employed attorney. a. Assuming that Mary earns $27,500 from her practice, calculate the total amount of her self-employment tax liability for 2020. b. Assuming that Mary earns $163,000 from her practice, calculate the total amount of her self-employment tax liability for 2020. In your calculations, round all calculations to the nearest two decimals. These answers do not need to be rounded to the nearest whole dollar.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Mary is a self-employed attorney.
|
a. |
Assuming that Mary earns $27,500 from her practice, calculate the total amount of her self-employment tax liability for 2020. |
|
b. |
Assuming that Mary earns $163,000 from her practice, calculate the total amount of her self-employment tax liability for 2020. |
In your calculations, round all calculations to the nearest two decimals. These answers do not need to be rounded to the nearest whole dollar.
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