JC recently graduated from veterinary school and opened her own professional practice. Assume JC does not qualify
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Question:
JC recently graduated from veterinary school and opened her own professional practice. Assume JC does not qualify for the QBI deduction. This year, her net profit was $27,600.
Required:
- Compute JC’s after-tax income from her practice assuming herself-employment tax is $3,900, and her marginal income tax rate is22 percent.
- What percentage of the federal tax burden on JC’s business income is represented by the self-employment tax?
Related Book For
Principles of Taxation for Business and Investment Planning 2016 Edition
ISBN: 9781259549250
19th edition
Authors: Sally Jones, Shelley Rhoades Catanach
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