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ExtremeBDS [4]
3 years ago
14

Yolanda (41), a freelance photographer, reports a net profit of $50,000 on Schedule C, Profit or Loss from Business. This is her

only income. How much is Yolanda's self-employment tax
Business
1 answer:
AleksandrR [38]3 years ago
6 0

Answer:

the self-employment tax is $7,065

Explanation:

The computation of the self-employment tax is given below:

Given that

net profit = $50,000

Now the 92.35% of net profit is $46,175

As it is lower than $128,400

So,

= 15.3% of $46,175

= $7,065

Hence, the self-employment tax is $7,065

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