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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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• Off ACC220Chaps16-18SP19 - Protected View O Search A Steven Dorfman ome Insert Page Layout Formulas Data Review View Help A Share P Comments TED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing B D F G H. J 6 Al's Car Wash has two departments, Prepping and Washing. Once a car has been washed, the customer pays by cash or credit card and leaves. The following selected transactions occurred during July of 2018. a. Al purchased Raw Materials of $53,000 b. Raw Materials of $46,000 were requisitioned to the Prepping Department c. $44,000 of costs were transferred to the Washing Department d. $42,000 of fully washed cars were awaiting customer pickup e. Customers picked up all cars that were waiting and Al collected $72,000 for the Prepping and Washing Services Required: Journalize the above transactions Test
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