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%

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses
Section: Chapter Questions
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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%
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%
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