Question: Ernie Hasana is self - employed as a virtual assistant. He will use the single filing status, and his only source of income was a

Ernie Hasana is self-employed as a virtual assistant. He will use the single filing status, and his only source of income was a net profit of $96,000 from his business. Ernie's partially completed Schedule SE, Self-Employment Tax, is shown below. Using the information provided, compute the amount of Ernie's self-employment tax. (Answer choices are below the image.)
$6,782

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

To calculate the selfemployment tax we need to determi... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

A curious graduate student wanted to determine the degree of association between successful campaign fund raising and political success in elections. The following crosstabulation displays the data...

Q:

Determine the amount of cash paid for income taxes in each of the nine independent situations below. All dollars are inmillions. Situation Income Tax Income Tax Payable Deferred Tax Liability Cash...

Q:

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...

Q:

Oscar is self-employed as a virtual assistant. He will use the single filing status, and his only source of income was a net profit of $95,000 from his business. What is the amount of Oscar's...

Q:

Oscar is self-employed as a virtual assistant. He will use the single filing status, and his only source of income was a net profit of $95,000 from his business. What is the amount of Oscar's...

Q:

channing is self employed as a video gamer. He will use the single filing status, and he has net business income of $59,259. The deductible part of his self employment tax is $4,187. His taxable...

Q:

Chitra is self -employed as a life coach. She will use the single filing status, and she has net business income of $61,351. The deductible part of her self-employment tax is $4,342. Her taxable...

Q:

40 of 75. Lynette loves to spend her free time knitting. She recently decided to start selling her hand knitted shawls to briends and family. She does this for recreation make a profit. How will...

Q:

In 2022,Aiden, a self employed dog walker,had a net profit from his business of $34,160.This was his only source of income during the year.the deductible part of his self employment tax is $...

Q:

How many years must employment tax records be kept? Three Four Seven As long as the buissnes is in operation Question 2 2 Emie Hasana is self - employed as a virtual assistant. He will use the single...

Q:

Consider the following MA (2) process yt = 0.7 2t1 + 1.35 t2 + t t is a white noise process, normally distributed with zero mean and unit variance. a. Obtain the theoretical autocorrelation function...

Q:

The following independent situations relate to inventory accounting: 1. Draper Co. purchased goods with a list price of $175,000 and a trade discount of 20% based on the quantity purchased, with...

Q:

A new bedroom set costs $ 1 2 3 0 . Not included i n the price are the cost o f delivery, which i s $ 6 5 , and tax, which i s $ 1 0 7 . I f Mary pays $ 4 1 7 today, how much more does she still owe...

Q:

Social science is a discipline that attempts to explain human behavior and society. How can you see this discipline to address present-day problems in your own community? State your answer.

Q:

Make your own "Pledge of Commitment" stating that despite the many challenges you are facing now, still you are able to manage life with courage and determination.

Q:

The Basic Values the Filipinos (Maka-kalikasan) Identify three (3) environmental issues or concerns in your community and determine how NSTP and student-trainees could address solutions to each....

Q:

Considering the verbiage, which provides the least assurance? We have audited the accompanying consolidated balance sheets of The Coca-Cola Company and subsidiaries as of December 31, 2014 and 2013,...

Q:

You own a company in Texas and have an offer to open up a manufacturng plant as a maquiladora within the territory of one of your laypest customers, Mexice. Why is this scanario beneficial to your...

Q:

Brian and Kim have a 12-year-old child, Stan. For 2012, Brian and Kim have taxable income of $52,000, and Stan has nonqualifying dividend income of $4,500 and investment expenses of $250. No election...

Q:

During the 2012 tax year, Irma incurred the following expenses: Union dues..............................................................$275 Tax return preparation...

Q:

For each of the following cases, indicate the filing status for the taxpayer(s) for 2012 using the following legend: A - Single B - Married, filing a joint return C - Married, filing separate returns...

Q:

13. Which lobe of the cerebral cortex includes the primary motor cortex?

Q:

11. Which lobe of the cerebral cortex includes the primary somatosensory cortex?

Q:

12. Which lobe of the cerebral cortex includes the primary visual cortex?