Please explain Maria a self-employed artist. During 2019, her net earnings from self-employment were $115,000. What...
Please explain
Maria a self-employed artist. During 2019, her net earnings from self-employment were $115,000. What is Maria's total self-employment tax (OASDI and HI) for 2019?
$16,248.98
18,236.44
$13,169.11
$17,595.00 (Not correct)
Homework Answers
| Calculate self-employment tax on earnings | |||
| Self-employment tax is calculated on 92.35% of earnings | |||
| Self-employment tax earnings | 115000*92.35% | ||
| Self-employment tax earnings | $106,202.50 | ||
| Self-employment tax rate is 15.3% for 2019 | |||
| Self-employment tax | 106202.50*15.3% | ||
| Self-employment tax | $16,248.98 | ||
| Thus, Maria's self employment tax is $16,248.98 | |||
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