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In 2021, Miranda records net earnings from self-employment of $244,400. She has no other gross income. Determine the amount Miranda's self-employment tax and her for AGI income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is $ 24,794.80 X and she has a $ 12,397.40 X deduction for AGI.

In 2021, Miranda records net earnings from self-employment of $244,400. She has no other gross income. Determine the amount Miranda's self-employment tax and her for AGI income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is $ 24,794.80 X and she has a $ 12,397.40 X deduction for AGI.

FINANCIAL ACCOUNTING
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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Exercise 11-9 (Algorithmic) (LO. 6) In 2021, Miranda records net earnings from self-employment of $244,400. She has no other gross income. Determine the amount of Miranda's self-employment tax and her for AGI income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is $ 24,794.80 X and she has a $ 12,397.40 X deduction for AGI.
Transcribed Image Text:Exercise 11-9 (Algorithmic) (LO. 6) In 2021, Miranda records net earnings from self-employment of $244,400. She has no other gross income. Determine the amount of Miranda's self-employment tax and her for AGI income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is $ 24,794.80 X and she has a $ 12,397.40 X deduction for AGI.
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