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Lara started a self-employed consulting business in the last part of the year and earned $60,000 of net 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 2013,if any?
(b)What is Lara's deduction for AGI for the Additional Medicare Tax?
Regulatory Controls
Mechanisms put in place by a government or regulatory body to manage operations and behaviors within industries to ensure compliance with legal standards and to protect public interest.
Unlimited Liability
A legal obligation in business where owners are personally responsible for all debts of the business, extending to their personal assets.
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