Author Question: Lara started a self-employed consulting business in the last part of the year and earned $60,000 of ... (Read 78 times)

bobthebuilder · **on:** Sep 13, 2020

Question 1

The itemized deduction phase-out, which has the effect of increasing regular taxable income for high income taxpayers, will also raise AMTI.
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Question 2

Lara started a self-employed consulting business in the last part of the year and earned $60,000 of self- employment income. She had been employed as manager in a consulting firm prior to starting her own business and had earned $175,000.
(a) What is Lara's Additional Medicare Tax for 2016, if any?
(b) What is Lara's deduction for AGI for the Additional Medicare Tax?

micaelaswann · **Reply #1 on:** Sep 13, 2020

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