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

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Essay

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?


Definitions:

Forecasting

Forecasting involves making predictions about future events or trends based on current and historical data analysis.

Stakeholder Audit

An evaluation process that identifies and assesses the interests and influences of individuals or groups that have a stake in the outcomes of a project or company.

Evaluating Alternatives

The process of critically examining different options or courses of action to determine their potential effectiveness in achieving a desired outcome.

Making a Decision

The process of selecting a course of action from several alternatives.

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