Answered

Welcome to Westonci.ca, where you can find answers to all your questions from a community of experienced professionals. Experience the convenience of getting reliable answers to your questions from a vast network of knowledgeable experts. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Reverend Isaiah receives an annual salary of $36,000 as a full-time minister. This includes $4,000 designated as rental allowance to pay utilities. Rev. Isaiah is not exempt from self-employment tax. How much must he include when figuring net income for self-employment tax

Sagot :

Parrain

Answer: $36,000

Explanation:

When paying Income Tax, Reverend Isaiah will be allowed to deduct the money designated as rental allowance to pay utilities but when it comes to Self-employment taxes, he must include the entire salary he receives.

This means that the Reverend will have to include his entire annual salary of $36,000 when working out his Self-employment tax.

We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.