Solved: Catherine carlson is a self-employed consultant during 2016, Accounting Basics

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Catherine carlson is a self-employed consultant during 2016

Catherine Carlson is a self-employed consultant. During 2016, her net profit from her sole proprietorship is $190,000. Catherine is single and has no other source of income.

A. What amount of self-employment tax must Catherine pay in 2016? Please show your work and explain your calculations.

B. What amount of self-employment tax can Catherine deduct on her 2016 federal individual income tax return? Please show your work and explain your calculations.

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Accounting Basics: Catherine carlson is a self-employed consultant during 2016

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