As a self-employed worker you pay FICA taxes at the rate of 15.3% of your earnings....
As a self-employed worker you pay FICA taxes at the rate of 15.3% of your earnings. You earned $59466 this year. How much must you pay as your FICA contribution?
Homework Answers
FICA contribution = 0.153(earnings)
FICA contribution = 0.153(59,466)
FICA Contribution = $9.098.30
Add Answer to:
As a self-employed worker you pay FICA taxes at the rate of
15.3% of your earnings....
Find the FICA and Medicare tax for each of the following self-employed people. Assume that none...
Find the FICA and Medicare tax for each of the following self-employed people. Assume that none of them has earned over $127,200 for the year. Use a FICA rate of 12.4% and a Medicare rate of 2.9%. 12. Lois Steem is a self-employed assertiveness training coach. Her adjusted income is $19,500 for the first quarter. (a) FICA tax ________________________ (b) Medicare tax ________________________
An employee earned $61,500 during the year working for an employer. The FICA tax rate for...
An employee earned $61,500 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 of employee earnings per calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of total unemployment taxes the employee must...
An employee earned $62,200 during the year working for an employer. The FICA tax rate for...
An employee earned $62,200 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $118,500 of employee earnings per calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of total unemployment taxes the employee must...
If you earned $1850 in this pay period, but you had to pay 29% taxes of...
If you earned $1850 in this pay period, but you had to pay 29% taxes of your earnings, how much taxes are you paying in dollars? How much is left for you?
2. If you earned $1850 in this pay period, but you had to pay 29% taxes...
2. If you earned $1850 in this pay period, but you had to pay 29% taxes of your earnings, how much taxes are you paying in dollars? How much is left for you?
eBooks Calculator Discussion Question 12-9 (L0.6) Joan is a self-employed consultant. What is her exposure to...
eBooks Calculator Discussion Question 12-9 (L0.6) Joan is a self-employed consultant. What is her exposure to the Federal self-employment tax? What tax rates that apply to Joan's profits, and the income base amounts for the year? Individuals with net earnings of $ 400 or more from self employment are subject to the self-employment tax. For 2019, the self-employment tax is 15.3 X percent of self-employment earnings up to $ 1 X for the Social Security portion plus 2.9 percent of...
ion Question 12-9 (LO. 6) oan is a self-employed consultant. What is her exposure to the...
ion Question 12-9 (LO. 6) oan is a self-employed consultant. What is her exposure to the Federal self-employment tax? What tax rates that apply to Joan's profits, and the income base amounts for the year? Individuals with net earnings of 2018, the self-employment tax is 12.4percent of self-employment earnings up to portion plus 2.9 percent of the total amount of self-employment earnings for the Medicare portion. Self employed taxpayers deduct a portion of the self-employment tax un determining the self-employment...
Tax Accounting Self-Employed Social Security Taxes (LO. 2) For 2019, Eric is a self-employed financial consultant....
Tax Accounting
Self-Employed Social Security Taxes (LO. 2) For 2019, Eric is a self-employed financial consultant. During the current year, Eric's net self-employment income is $140,300. The OASDI rate is 6.2%; the MHI rate is 1.454 Hint: OASDI 6.2% tax is on the first $132,900 for the year. Note: Round all calculations to the nearest cent. What is Eric's self-employment tax?
Viviana is a self-employed Therapist whose 2019 net earnings from her trade or business (before the...
Viviana is a self-employed Therapist whose 2019 net earnings from her trade or business (before the H.R. 10 plan contribution but after the deduction for one-half of self-employment taxes) is $220,000. What is the maximum contribution that Viviana can make on his behalf to her H.R. 10 (Keogh) plan in 2019?
all 1 question Alice is single and self-employed in 2020. Her net business profit on her...
all 1 question
Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is $170,000. What is her self-employment tax liability and additional Medicare tax liability for 2020? (Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability Additional medicare tax liability Rasheed works for Company A, earning $431,000 in salary during 2020. Assuming he is single and has no other...
An employee earned $62,200 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $118,500 of employee earnings per calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of total unemployment taxes the employee must...
2. If you earned $1850 in this pay period, but you had to pay 29% taxes of your earnings, how much taxes are you paying in dollars? How much is left for you?
eBooks Calculator Discussion Question 12-9 (L0.6) Joan is a self-employed consultant. What is her exposure to the Federal self-employment tax? What tax rates that apply to Joan's profits, and the income base amounts for the year? Individuals with net earnings of $ 400 or more from self employment are subject to the self-employment tax. For 2019, the self-employment tax is 15.3 X percent of self-employment earnings up to $ 1 X for the Social Security portion plus 2.9 percent of...
ion Question 12-9 (LO. 6) oan is a self-employed consultant. What is her exposure to the Federal self-employment tax? What tax rates that apply to Joan's profits, and the income base amounts for the year? Individuals with net earnings of 2018, the self-employment tax is 12.4percent of self-employment earnings up to portion plus 2.9 percent of the total amount of self-employment earnings for the Medicare portion. Self employed taxpayers deduct a portion of the self-employment tax un determining the self-employment...
Tax Accounting
Self-Employed Social Security Taxes (LO. 2) For 2019, Eric is a self-employed financial consultant. During the current year, Eric's net self-employment income is $140,300. The OASDI rate is 6.2%; the MHI rate is 1.454 Hint: OASDI 6.2% tax is on the first $132,900 for the year. Note: Round all calculations to the nearest cent. What is Eric's self-employment tax?
all 1 question
Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is $170,000. What is her self-employment tax liability and additional Medicare tax liability for 2020? (Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability Additional medicare tax liability Rasheed works for Company A, earning $431,000 in salary during 2020. Assuming he is single and has no other...
Most questions answered within 3 hours.
-
Calculate the approximate number of residues of Rubisco, which
is involved in carbon fixation in plants,...
asked 54 minutes ago -
Other decisions about scientific claims can have a much broader
impact.ENERGYarrow-10x10.png, environment, health, security - all...
asked 1 hour ago -
I need to write a research paper and work cited about this
topic: The United States...
asked 2 hours ago -
Hello! I was wondering if I could have some help?
If the vapor pressure of carvone...
asked 2 hours ago -
An economist wants to estimate the mean per capita income (in
thousands of dollars) for a...
asked 2 hours ago -
What would be the input/output characteristic of a circuit
obtained by putting two of your 2's-complementers...
asked 2 hours ago -
In Drosophila, the transition from the syncytial blastoderm
stage to the cellular blastoderm stage is a...
asked 3 hours ago -
Project management question:
Name 3 different types of resources (hint: humans are one
type)
asked 3 hours ago -
Consider the following reaction: C 2H 2( g) + 2H 2( g) C 2H 6(
g)...
asked 3 hours ago -
Consider a 1.0 L buffer containing 0.092 mol L-1 HCOOH and 0.100
mol L-1 HCOO-. What...
asked 3 hours ago -
Koch Realty has owned a vacant land with a FMV of
$775,000 and an adjusted basis...
asked 3 hours ago -
It is estimated 29% of all adults in United States invest in
stocks and that 85%...
asked 3 hours ago