Samantha has graduated from a law school and decided to open her own professional practice. In the current year (2022), her net profit was $30,000. If Samantha's self-employment tax is $4,500 and marginal income tax rate is 22%, determine the percentage of the federal tax burden on Samantha's business income that is represented by the self- employment tax. (Round your final answer to zero decimal place) E) 42% F) 15% G) 45% H) 22%
Samantha has graduated from a law school and decided to open her own professional practice. In the current year (2022), her net profit was $30,000. If Samantha's self-employment tax is $4,500 and marginal income tax rate is 22%, determine the percentage of the federal tax burden on Samantha's business income that is represented by the self- employment tax. (Round your final answer to zero decimal place) E) 42% F) 15% G) 45% H) 22%
Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses
Section: Chapter Questions
Problem 38P
Related questions
Question
100%
![Samantha has graduated from a law school and decided to open her own professional practice. In
the current year (2022), her net profit was $30,000.
If Samantha's self-employment tax is $4,500 and marginal income tax rate is 22%, determine the
percentage of the federal tax burden on Samantha's business income that is represented by the self-
employment tax. (Round your final answer to zero decimal place)
E) 42%
F) 15%
G) 45%
H) 22%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7bb90493-5705-444c-93fc-2873c3e36c06%2F11d1ecc0-7467-4b15-b8ae-786ceee54bb0%2F7p2ad8u_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Samantha has graduated from a law school and decided to open her own professional practice. In
the current year (2022), her net profit was $30,000.
If Samantha's self-employment tax is $4,500 and marginal income tax rate is 22%, determine the
percentage of the federal tax burden on Samantha's business income that is represented by the self-
employment tax. (Round your final answer to zero decimal place)
E) 42%
F) 15%
G) 45%
H) 22%
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Individual Income Taxes](https://www.bartleby.com/isbn_cover_images/9780357109731/9780357109731_smallCoverImage.gif)
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT