Darrin owns a house with a FMV of $2,000,000 and acquisition indebtedness (first mortgage) of $1,250,000. He purchased the house and took out the...

1.Darrin owns a house with a FMV of $2,000,000 and acquisition indebtedness (first mortgage) of $1,250,000. He purchased the house and took out the mortgage in 2015. If his interest on the mortgage in 2018 is $75,000, how much of the interest from the mortgage will be deductible?

2.Determine the self-employment tax for an individual who has $111,700 in wages, $4,000 in interest income, and $20,000 in self-employment income.