Question

Kristina (41), a freelance photographer, reports a net profit of $50,000 on schedule c, profit or loss from business. This is her only income. How much is kristina's self-employment tax?.

Answer 1

Based on the slab rates for self-employment tax, Kristina's self-employment tax is "$7,650."

What is Self Employment tax?

The self-employment tax rate for 2021 is 15.3 percent which is a summation of the 12.4% Social Security tax and a 2.9% Medicare tax on net earnings.

Given that the net profit of Kristina is $50,000

Therefore, the self-employment tax is calculated as

$50,000 × 15.3% = $7,650

Hence, in this case, it is concluded that the correct answer is $7,650

Learn more about Self-Employment tax here: https://brainly.com/question/8029273