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a. In 2022, Maria records self-employed earnings of $135,000. Using the format illustrated in the text, compute Marias self-employment tax

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a. In 2022, Maria records self-employed earnings of $135,000. Using the format illustrated in the text, compute Maria’s self-employment tax liability and the allowable income tax deduction for the self-employment tax paid.

b. Express the calculation of the 2022 self-employment tax as a Microsoft Excel formula.

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a For income tax purposes in 2022 Maria claims a deduction for AGI of 9 537 45 19 074 89 50 b W…View the full answer


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Related Book For  answer-question
South Western Federal Taxation 2023 Comprehensive Volume

South Western Federal Taxation 2023 Comprehensive Volume

ISBN: 9780357719688

46th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

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Question Details
Chapter # 12- Tax Credits and Payments
Section: Discussion Questions
Problem: 45
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Question Posted: September 24, 2023 07:49:08
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