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Sergio [31]
3 years ago
9

Lucinda is a self-employed veterinarian in 2019. Her Schedule C net earnings are $86,000 for the year. Calculate the total amoun

t of Lucinda's self-employment tax liability for 2019.
Business
1 answer:
trapecia [35]3 years ago
5 0

Answer:

$79,421

$12,151.413

Step by Step Explanation:

The self-employment taxable income is 92.35% of net earnings. While the tax rate for self-employment tax liability is 15.3% for year 2019

Schedule C net earnings: $86,000

Self-employment taxable income rate: 92.35%

Self-employment taxable income= 92.35%×86,000

=$79,421

Self-employment taxable income: $79,421

Self-employment tax rate: 15.3%

self-employment tax liability=

Self-employment taxable income×Self-employment tax rate

$79,421×15.3% =$ 12,151.413

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