JC recently graduated from veterinary school and opened her own professional practice. This year, her net profit
Question:
JC recently graduated from veterinary school and opened her own professional practice. This year, her net profit was $32,000. Compute JC’s after-tax income from her practice assuming:
a. Her self-employment tax is $4,522, and her marginal income tax rate is 22 percent.
b. What percentage of the federal tax burden on JC’s business income is represented by the self-employment tax?
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a Net profit from JCs practice 32000 Onehalf of se...View the full answer
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Related Book For 
Principles Of Taxation For Business And Investment Planning 2019 Edition
ISBN: 9781260161472
22nd Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
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