Jenny is a self-employed individual with a gross income of $100,000 for the year 2022. She is
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Jenny is a self-employed individual with a gross income of $100,000 for the year 2022. She is required to pay both federal income tax and self-employment tax. The federal income tax rate for her income bracket is 22%. Additionally, the self-employment tax rate is 15.3%. However, Jenny is eligible for the following deductions for the year:
- Home office deduction: $5,000
- Health insurance premium: $4,000
- Business-related expenses: $8,000
What is Jenny's net income after taxes for the year 2022?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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