Shelley is a self-employed CPA. In 2020, she had gross revenue of $255,000 and expenses of $40,000 so her net self-employment income on Schedule C was $215,000. She files single. What is her self-employment tax? Specify the SS and Medicare amounts. Calculate the amount of surtax, if any, she must pay. How much can she deduct as a FOR AGI deduction?
Shelley is a self-employed CPA. In 2020, she had gross revenue of $255,000 and expenses of $40,000 so her net self-employment income on Schedule C was $215,000. She files single. What is her self-employment tax? Specify the SS and Medicare amounts. Calculate the amount of surtax, if any, she must pay. How much can she deduct as a FOR AGI deduction?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter11: Individuals As Employees And Proprietors
Section: Chapter Questions
Problem 35P
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Shelley is a self-employed CPA. In 2020, she had gross revenue of $255,000 and expenses of $40,000 so her net self-employment income on Schedule C was $215,000. She files single.
What is her self-employment tax? Specify the SS and Medicare amounts.
Calculate the amount of surtax, if any, she must pay.
How much can she deduct as a FOR AGI deduction?
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