Homework Answers
Answer 1:
$19,923.93
Explanation:
Net self-employment income = 155000 * 92.35% = $143142.5
For 2017 tax year Social Security tax is only assessed on the first $127,200 of earned income.
Hence:
Self employment tax = 127200 * 15.3% + (143142.50 - 127200) * 2.9%= $19,923.93
As such option D is correct and other options A, B and C are incorrect.
Answer 2:
$20,459.56
Explanation:
Net self-employment income = 175000 * 92.35% = $161612.50
For 2017 tax year Social Security tax is only assessed on the first $127,200 of earned income.
Hence:
Self-employment tax = 127200 * 15.3% + (161612.50 - 127200) * 2.9%= $20,459.56
As such option D is correct and other options A, B and C are incorrect.
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