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Problem 8-66 (LO 8-3) (Algo) Alice is single and self-employed in 2023. Her net business profit on her Schedule C for the year is $194,200. What are her self-employment tax liability and additional Medicare tax liability for 2023? Note: Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Self-employment tax liability Additional medicare tax liability S $ 27,430

Problem 8-66 (LO 8-3) (Algo) Alice is single and self-employed in 2023. Her net business profit on her Schedule C for the year is $194,200. What are her self-employment tax liability and additional Medicare tax liability for 2023? Note: Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Self-employment tax liability Additional medicare tax liability S $ 27,430

FINANCIAL ACCOUNTING
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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Problem 8-66 (LO 8-3) (Algo) Alice is single and self-employed in 2023. Her net business profit on her Schedule C for the year is $194,200. What are her self-employment tax liability and additional Medicare tax liability for 2023? Note: Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Self-employment tax liability Additional medicare tax liability $ $ 27,430 0
Transcribed Image Text:Problem 8-66 (LO 8-3) (Algo) Alice is single and self-employed in 2023. Her net business profit on her Schedule C for the year is $194,200. What are her self-employment tax liability and additional Medicare tax liability for 2023? Note: Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Self-employment tax liability Additional medicare tax liability $ $ 27,430 0
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