Lara started a self- employed consulting business in the last part of the year and earned $60,000 of self- employment earnings. She had been employed as manager in a consulting firm prior to starting her own busines had earned $175,000.
a. What is Lara's Additional Medicare Tax for 2018, if any?
b. What is Lara's deduction for AGI for the Additional Medicare Tax?
Correct Answer:
Verified
b. There is no dedu...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q44: Nonrefundable personal tax credits can only offset
Q45: The child and dependent care credit is
Q46: Taxpayers with income below phase-out amounts are
Q49: For purposes of the child and dependent
Q53: For purposes of the limitation on qualifying
Q55: The child and dependent care credit is
Q56: The Lifetime Learning Credit is partially refundable.
Q58: Qualified tuition and related expenses eligible for
Q1574: Tanya has earnings from self- employment of
Q1579: Joan earns $119,900 in her job as
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents