Homework Answers
a). $195,000 x 0.9235 = $180,083
FICA Social Security Limit = $117,000 x 12.40% = $14,508
Medicare = $180,083 x 2.9% = $ 5,222
Self- employment tax = $19,730
b). Deduction for AGI = 50% x $19,730 = $9,865
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