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Retirement tax questions
LOOK at the return ...
SE taxes would have been assessed on the sch C profit and federal taxes only on the taxable income
... a simple example =
Sch C profits on $30K x .153 = $4590
Fed tax on $11,000 x 10% = 1100
4590+1100= 5690
5690 divided by 11,000 = 52%
‎October 15, 2020
3:21 PM