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Exercise 13-24(Algorithmic)(L0.6) In 2023, Miranda records net earnings from self-employment of $182,800. She...

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Accounting

Exercise 13-24(Algorithmic)(L0.6)
In 2023, Miranda records net earnings from self-employment of $182,800. She has no other income. Determine the amount of Miranda's
self-employment tax and her AGI income tax deduction.
In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest
whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar.
Miranda's self-employment tax is $
X and she has a $
X deduction for AGI.
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The tax on self-employment income is levied to provide Social Security and Medicare benefits (old age, survivors, and disability insurance and
hospital insurance) for self-employed individuals.
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