In the year 2023, with the social security wage cap set at $160,200, Alex obtained a $100,000 income distribution from a partnership where Alex served as a general partner. This distribution represents Alex's sole income for that year. What amount of self-employment tax does Alex owe? Round the final figure to the nearest whole dollar.
In the year 2023, with the social security wage cap set at $160,200, Alex obtained a $100,000 income distribution from a partnership where Alex served as a general partner. This distribution represents Alex's sole income for that year. What amount of self-employment tax does Alex owe? Round the final figure to the nearest whole dollar.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:In the year 2023, with the social security wage cap set at $160,200,
Alex obtained a $100,000 income distribution from a partnership
where Alex served as a general partner. This distribution represents
Alex's sole income for that year. What amount of self-employment tax
does Alex owe? Round the final figure to the nearest whole dollar.
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