in the year 2020 joan has wages of $70,000 and self-employment income of $80,000. What is...
Homework Answers
Answer : (b) $ 11304
Explanation
| Self-employment income (a) | $ 80000 |
| taxable income (a)*92.35% | $ 73880 |
| Self employment tax $ 73880*15.30% (rounded) | $ 11304 |
note -1
Net income is multiply by 92.35 % since 7.65 % deduction takes into account the employer - half of your FICA taxes which the business would deduct if you were paid as an employee.
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