In 2020, what is the amount of self-employment tax that would be paid by Andy for the year assuming he earned $108,900 in W-2 wages while working as an employee of the University and had $20,000 in net income (revenues minus expenses) from a Schedule C sales business that he owns? 1) approximately $1,626 2) approximately $2,825 3) approximately $3,060 4) approximately $18,213

In 2020, what is the amount of self-employment tax that would be paid by Andy for the year assuming he earned $108,900 in W-2 wages while working as an employee of the University and had $20,000 in net income (revenues minus expenses) from a Schedule C sales business that he owns? 1) approximately $1,626 2) approximately $2,825 3) approximately $3,060 4) approximately $18,213

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 21DQ

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