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Sonya started a self-employed consulting business in the last part of the year and earned $40,000.She had been employed as manager in a consulting firm prior to starting her own business and had earned $135,000.
(a)What is Sonya's self employment tax for 2016?
(b)What is Sonya's deduction for AGI for the SE tax?
Firm Offer
An offer in contract law that remains irrevocable for a certain period of time or until a specified date.
Time Period
A specific duration or span of time within which certain actions are taken or conditions apply.
Goods-in-bailment
A legal term referring to the process where personal property is transferred temporarily into the care of another, known as the bailee.
Negotiable Document
An official note that commits to paying a designated amount, either immediately upon request or at a predetermined date, with the payer's name indicated on the note.
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