The Social Security wage base limit was $147,000 in 2022. Hector received a business assignment of $100,000

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The Social Security wage base limit was $147,000 in 2022. Hector received a business assignment of $100,000 from a partnership in which Hector was a general partner in 2022. This is Hector's only source of income for the year.

What is Hector's self-employment tax liability?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Jun 02, 2023 03:47 AM

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The Social Security wage base limit was $147,000 in 2022. Hector received a business assignment of $100,000

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To calculate Hectors selfemployment tax liability we need to determine his net earnings from selfemp... View the full answer

Income Tax Fundamentals 2013

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