Greg has self-employment income in 2021 of $96,000. The self-employment tax is:(round to the nearest dollar) To qualify for the credit for child and dependent care expenses, the taxpayer's dependent can be age 16 or younger.TrueFalseQUESTION 8Certain high-income individuals are subject to additional Medicare taxes on unearned income but not on their wages.O TrueFalse

Answered: Greg has self-employment income in 2021…

Business

Accounting

Greg has self-employment income in 2021 of $96,000. The self-employment tax is: (round to the nearest dollar)

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 18CE

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

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Greg has self-employment income in 2021 of $96,000. The self-employment tax is:
(round to the nearest dollar)

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