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Lara Started a Self-Employed Consulting Business in the Last Part

question 28

Essay

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?

Understand how to analyze the liquidity of a company through comparative financial information.
Comprehend the perpetual inventory system and its application in accounting for sales.
Calculate gross profit from provided financial information.
Apply the periodic inventory system in journalizing transactions.

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