I am preparing my schedule SE forms self emplooyment taxes and I suck at math foreal! lol
the instructions say multiply my net earnings which where $12,093 by .9235 which gives me 11167.885
How much is that
sorry for asking stupid questions but I'm stumped
2007-08-26 12:45:57 · 4 answers · asked by Elaine R 2 in Business & Finance ➔ Other - Business & Finance
If I multiplied something why is it Less than what I originally had
to use $11,167.89 isnt that less than 12,093?
I'm confused
2007-08-26 12:57:47 · update #1
it would be $11,167.89. The reason it is smaller is because you are multiplying by less than 1 (a decimal/fraction). They are basically asking you for 92% of your $12,093. because you would move the decimal point over 2 spaces for the percent. I hope this helps.
2007-08-26 13:20:51 · answer #1 · answered by nikki 2 · 0⤊ 0⤋
You multiplied by something less than one, so the result is smaller than the original number. They are saying you only pay the tax on 92.35% of your net income, not on all of it. Next you'll have to multiply that by .153 to get the actual tax due - that's 15.3%.
2007-08-26 20:57:20 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
For taxes you can either ignore the cents and just round to the nearest dollar or just round the cents. Go ahead and just use 11167.89.
2007-08-26 19:55:02 · answer #3 · answered by trapezite 2 · 0⤊ 0⤋
it would be 11,167,885 dallors i dont know?
2007-08-26 19:52:20 · answer #4 · answered by mary 34 2 · 0⤊ 1⤋