Emily is a self-employed freelancer who earns $60,000 in annual income from her freelance work. She wants to calculate her self-employment tax liability for the year.
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Get it written →Emily is a self-employed freelancer who earns $60,000 in annual income from her freelance work. She wants to calculate her self-employment tax liability for the year.
a) Calculate Emily’s self-employment tax liability. Assume the self-employment tax rate is 15.3%, and she is responsible for both the employer and employee portions of the tax (i.e., Social Security and Medicare).
b) Additionally, if Emily had $10,000 in deductible business expenses during the year, how would that affect her self-employment tax liability?
This question tests an individual’s understanding of self-employment tax calculations and the impact of deductible business expenses on tax liability.
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