Thomas is single and a self-employed architect. During 2019, Thomass income from his business is...
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Thomas is single and a self-employed architect. During 2019, Thomass income from his business is $150,000. He also pays $2,180 for a medical insurance policy.
What is his 2019 self-employment tax deduction? Round intermediate calculations and final answers to the nearest whole dollar. Net self-employment income is total income multiplied by 92.35%. Of this amount, 15.3% is the self-employment tax. The deduction is one-half of the amount for the self-employment tax. Also, remember that OASDI is taxed on a maximum of $132,900 and MHI of 2.9% is taxed on the total net self-employment income.
What is his self-employment tax in 2019?
What is his deduction for adjusted gross income in 2019?
Assume that Thomas's income from his business is $234,000. What is his 2019 self-employment tax deduction? Round intermediate calculations and final answers to the nearest whole dollar. HI is taxed at 0.9% on the excess of net self-employment income over $200,000.
What is his self-employment tax in 2019?
What is his deduction for adjusted gross income in 2019?
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