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Carl is a self-employed real estate agent. For the current year, his self-employment net earnings...

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Accounting

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Carl is a self-employed real estate agent. For the current year, his self-employment net earnings (revenues minus expenses) are $80,000. He is also employed as an accountant with a gross salary of $70,000 for the year. Assume that the appropriate social security income ceiling for the year is $130,000 and that the self-employed FICA rates are 12.4% for social security and 2.9% for Medicare. What is Carls self-employment tax liability for the year? $9,583 $10,901 $11,304 $12,240

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