Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. jc recently graduated from veterinary school and o

JC recently graduated from veterinary school and opened their own professional practice. This year, their...

80.2K

Verified Solution

Question

Accounting

JC recently graduated from veterinary school and opened their own professional practice. This year, their net profit was $22,300.
Assume JC does not qualify for the QBI deduction.
Required:
a. Compute JC's after-tax income from their practice assuming their self-employment tax is $3,151, and their marginal income tax rate
is 22 percent.
b. What percentage of the federal tax burden on JC's business income is represented by the self-employment tax?
Complete this question by entering your answers in the tabs below.
Required B
What percentage of the federal tax burden on JC's business income is represented by the self-employment tax?
Note: Round your answer to the nearest whole percent.
A and B?
image

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