Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in 2023, miranda records net earnings from self-em

In 2023, Miranda records net earnings from self-employment of $180,000. She has no other income....

60.1K

Verified Solution

Question

Accounting

In 2023, Miranda records net earnings from self-employment of $180,000. She has no other income. Determine the amount of Miranda's self-employment tax and her for AGI income tax deduction.
In your computations, round all amounts to two decimal places. Round your final answers to the nearest dollar.
Miranda's self-employment tax is $fill in the blank 1
and she has a $fill in the blank 2
deduction for AGI.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.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Advance Math
1.2K views

The Taylors have purchased a $350,000 house. They made an initial down payment of $10,000 and...

General Management
1.2K views

What do you think is the biggest ethical issue in supply chain? What would you suggest...

Physics
1.2K views

26 A condenser of capacity 20 F is first charged and then discharged through a...

Basic Math
1.2K views

If f(x) = 3x - 2x + 4 and g(x) = 5x + 6x-8, find...

Statistics
1.2K views

Assume that police estimate that 23 of drivers do not wear their seatbelts They set...

Accounting
1.2K views

Cane Company manufactures two products called Alpha and Beta that sell for $150 and $110,...

Accounting
1.2K views

Due to erratic sales of its sole product-a high-capacity battery for laptop computersPEM, Inc., has...

Accounting
1.2K views

Labeau Products, Limited, of Perth, Australia, has $16,000 to invest. The company is trying to...

Accounting
1.2K views

. A company makes an export sale denominated in a foreign currency and allows the...

Accounting
1.2K views

2. Prepare a depreciation schedule for four years using the double-declining-balance method. (Hint: The asset...

Finance
1.2K views

What is the beta of T-bills? Select one: a. -1 b. None of them c....

Accounting
1.2K views

Read Appendix 9 A-1, Sample Brief Memorandum which starts on page 189 of your online...