University of Oxford Math Accounting Questions
1.Baily owns and operates Ben’s Red Truck Shop (BRT), which is a sole proprietorship. She has selfemployment income of $150,000. How much self-employment tax does she owe ? $21,092. $21,194. $22,194. $2 2,950. Answer: $21,092 Explanation: MEDICARE TAX RATE Employer: 1.45% Employee: 1.45% Therefore, a self-employed worker will be taxed 1.45% + 1.45% = 2.9% The total self-employment tax rate is 12.4%. Therefore, 12.4% + […]