Alice is single and self-employed in 2022. Her net business profit on her Schedule C for the year is $166,000.What are her self-employment tax liability and additional Medicare tax liability for 2022?

Self-employment tax is required to be paid by small businesses to support social security as well as…

Answered: Alice is single and self-employed in…

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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Alice is single and self-employed in 2022. Her net business profit on her Schedule C for the year is $166,000. What are her self-employment tax liability and additional Medicare tax liability for 2022?