A taxpayer reports $35,000 as net profit on Schedule C. The taxpayer also reports wage income of $15,000. The taxpayer's deduction for AGI for the employer's share of the self-employment tax in 2021 is?

6. What is the maximum amount that a sole proprietor can contribute to his 30-year-old employee's SEP if the participant's compensation for 2021 is $100,000?

Answer rating: 100% (QA)

To determine the taxpayers deduction for the employers share of the selfemployment tax in 2021 we fi... View the full answer