ZuoTi.Pro
Question

Joe, a self-employed individual, earns $150,000 in self-employment income. How much self-employment tax will Joe owe...

Joe, a self-employed individual, earns $150,000 in self-employment income. How much self-employment tax will Joe owe for 2015? For 2016?

Please show work. Thank you!

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer : Total Self Employment tax would be $20,497

Self-Employment Tax Analysis

 Social Security Medicare
'Adjusted' earnings $132,900 $150,000
Less: self-employment adjustment $0 $11,475
Taxable self-employment earnings $132,900 $138,525
Self-employment tax $16,480 $4,017
Total self-employment tax $20,497
Tax-deductible portion $10,248
0 0
Add a comment
Know the answer?
Add Answer to:
Joe, a self-employed individual, earns $150,000 in self-employment income. How much self-employment tax will Joe owe...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Question 1 (1 point) Joe is self-employed and earns $180,000 per year. How much is Joe's...

    Question 1 (1 point) Joe is self-employed and earns $180,000 per year. How much is Joe's share of the payroll tax? $12,400 06.2% of the full salary. 6.2% of the salary up to the income cap. None of the above. Previous Page Next Page Page 1 of 10

  • For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files t...

    For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files tax returns under Married Filing Jointly status. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Annabelle Jefferson earns net self-employment income of $43,500. She does not work a second job. Self-Employment tax = ______ 2: Alexander Ryan earns net self-employment income of $115,000. He works a second job from...

  • Sue is self-employed. Her net income from her business is $73,525. What is her total tax? For thi...

    Sue is self-employed. Her net income from her business is $73,525. What is her total tax? For this problem, please show all of your work for credit. You will want to calculate her self-employment tax and her federal tax. You only need to calculate total tax – not a refund or amount due.

  • [The following information applies to the questions displayed below] Smithers is a self-employed individual who earns...

    [The following information applies to the questions displayed below] Smithers is a self-employed individual who earns $35,000 per year in self-employment income. Smithers pays $2,250 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation. a. Smithers is single, and the self-employment income is his only source of income. Deductible as a for AGI deduction...

  • Thomas is single and a self-employed architect. During 2019, Thomas’s income from his business is $150,000....

    Thomas is single and a self-employed architect. During 2019, Thomas’s income from his business is $150,000. He also pays $2,180 for a medical insurance policy. What is his 2019 self-employment tax deduction? Round intermediate calculations and final answers to the nearest whole dollar. Net self-employment income is total income multiplied by 92.35%. Of this amount, 15.3% is the self-employment tax. The deduction is one-half of the amount for the self-employment tax. Also, remember that OASDI is taxed on a maximum...

  • How to solf self-employment Tax

    Elisa Grant earns net self-employment income of $198,000. She works a second job from which she receives FICA taxable earnings of $83,000. So, what will be self-employment tax?

  • [The following information applies to the questions displayed below.] Smithers is a self-employed individual who earns...

    [The following information applies to the questions displayed below.] Smithers is a self-employed individual who earns $35,000 per year in self-employment income. Smithers pays $2,250 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation b. Smithers is single, but besides being self-employed, Smithers is also employed part-time by SF Power Corporation. This year Smithers...

  • 3. The self-employed OASDI tax rate for 2019 is ____ in decimal format or ____%. 4...

    3. The self-employed OASDI tax rate for 2019 is ____ in decimal format or ____%. 4 The self-employed HI tax rate for 2019 is ____ in decimal format or ____%. 5. Self-employment income _____ subject to a supplemental HI tax of ____% for earned income in excess of $____ for individuals whose filing status is Single. 6. True or False: If the individual is also an employee of another company, the wages received will not reduce the amount of self-employment...

  • [The following information applies to the questions displayed below.) Smithers is a self-employed individual who earns...

    [The following information applies to the questions displayed below.) Smithers is a self-employed individual who earns $35,000 per year in self-employment income. Smithers pays $2,250 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation. d. Smithers is self-employed, and he is also married. Smithers's spouse, Samantha is employed full-time by SF Power Corporation and...

  • [The following information applies to the questions displayed below Smithers is a self-employed individual who earns...

    [The following information applies to the questions displayed below Smithers is a self-employed individual who earns $35,000 per year in self-employment income Smithers pays $2,250 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation. d. Smithers is self-employed, and he is also married. Smithers's spouse, Samantha, is employed full-time by SF Power Corporation and...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT