Taxpayer in 2022 has following amounts:W-2 wages:$125,000 @ 7.65%Sch. C Net income:$125,000 @ 15.30%How much of the correct amount of combined self-employment tax and FICA tax is attributable to the Sch. C Net Income?

The objective of the question is to calculate the amount of combined self-employment tax and FICA…

Answered: Taxpayer in 2022 has following amounts:…

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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Taxpayer in 2022 has following amounts: W-2 wages: $125,000 @ 7.65% Sch. C Net income: $125,000 @ 15.30% How much of the correct amount of combined self-employment tax and FICA tax is attributable to the Sch. C Net Income?