Business: During 20X1, Eleanor earns $146,000 in wages as an employee of an accounting firm. She also earns $26,000 in gross income from an outside consulting service she operates. Deductible expenses paid in connection with the consulting service amount to $6,000. Eleanor also has a recognized long-term capital gain of $1,000 from the sale of a stock investment. She must pay a self-employment tax on: a. $145,000. b. $144,000. c. $31,000. d. $30,000. e. $24,000.

During 20X1, Eleanor earns $146,000 in wages as - id20114600010041791, hipstersale4913

jkirby29

14.02.2022

$20,000

Explanation:

Calculation for self-employment tax payment

Using this formula

Self-employment tax=Gross income-Deductible expenses paid in

Let plug in the formula

Self-employment tax= $26,000-$6,000

Self-employment tax=$20,000

Therefore She must pay on self-employment tax on:$20,000

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SithLeo

05.11.2021

An apple, potato, and onion all taste the same if you eat them with your nose plugged

Explanation:

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