Calculate the total Social Security and Medicare tax burden on a sole proprietorship earning 2020 profit of $300,000, assuming a single sole proprietor with no other earned income. (Round your intermediate calculations to the nearest whole dollar amount.)

The answer is "$ 25,207.45".

Explanation:

Type = single property ownership  

Year= 2020  

Revenue = $ 300,000  

calculating the tax on social security when it's up to 132,900 USD, i.e. the basis cap on earned earnings.  

Calculating the Medicare levy, subject to a deduction of 7.65% from sole ownership, for every revenue received without any cap.  

Where income exceeds 200,000, and 0.9% of exceeding income exceeds additional medicare tax.

Medicare tax and social insurance total:

answer; the coefficient of determination;