Business is - sole proprietorship. $130,000; in revenues and Expenses are: $50,000 general; $5,000 employee health...

Business is - sole proprietorship. $130,000; in revenues and Expenses are: $50,000 general; $5,000 employee health insurance; $3,000 for her health insurance. How much Self-Employment tax can be I able to deduct for AGI?

$10,597.16

$5,298.58

$5,737.50

$11,475.00

Expert Solution

Self employment tax rate = 15.3%* Profits

Profits = =130000-50000-5000 = $75000

Self employment tax = 15.3%*75000 = 11475

jeff jeffy answered 2 years ago

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