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ion Question 12-9 (LO. 6) oan is a self-employed consultant. What is her exposure to the...
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...
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?
47. Which of the following statements regarding Social Security are CORRECT? 1. Self-employed individuals may deduct...
47. Which of the following statements regarding Social Security are CORRECT? 1. Self-employed individuals may deduct the 100% payroll tax paid on their net Schedule C income as an above-the-line deduction from adjusted gross income. 2. Medicare taxes are 2.9% of an employee's compensation (paid half by the employer and half by the employee) with no ceiling (not including the Additional Medicare Tax). 3. Workers who are not covered by Social Security and do not pay into the system may...
Exercise 13-31 (b) (LO. 5) Cheng is an employee of KaTuk Corporation. He also has his...
Exercise 13-31 (b) (LO. 5) Cheng is an employee of KaTuk Corporation. He also has his own business working as a caterer. For 2020, Cheng's wages from KaTuk were $198,000. His self-employment income was $34,000. If required, round any computations to two decimal places. Round final answers to the nearest dollar. a. Compute the total payroll, self-employment, and additional Medicare taxes for Cheng for 2020. 12,682 → Feedback Check My Work Payroll (employment) taxes can be a significant cost for...
Question 75 of 75. In 2018, Raj, a self-employed consultant, spent $4,500 for qualifying health coverage...
Question 75 of 75. In 2018, Raj, a self-employed consultant, spent $4,500 for qualifying health coverage that he purchased dir insurance company. He is not eligible to be covered under any other insurance plan. His net profit from his hu the amount used to figure his self-employment tax, was $68,000. He had no other earned income. How much can directly from an deduct as an adjustment for self-employed health insurance? $0 $2,250
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...
9 Check my work Problem 11-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co....
9 Check my work Problem 11-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. has four employees, FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7000 paid to each employee, the company's FUTA taxes are 05% and SUTA taxes are 2.15%. The company is preparing its payroll calculations for the week ended August 25 Payroll records show the following...
Problem 19-38 (LO. 2, 4, 5, 6) In 2018, Susan's sole proprietorship earns $300,000 of self-employment...
Problem 19-38 (LO. 2, 4, 5, 6) In 2018, Susan's sole proprietorship earns $300,000 of self-employment net income (after the deduction for one-half of self-employment tax). a. The maximum amount that Susan can deduct for contributions to a defined contribution Keogh plan is $ 54,000 x Feedback Check My Work Self-employed individuals (e.g., partners and sole proprietors) and their employees are eligible to receive qualified retirement benefits under the SIMPLE plans or under what are known as H.R. 10 (Keogh)...
Check my w On January 8, the end of the first weekly pay period of the...
Check my w On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $27.760 of office salaries and $70.840 of sales salaries. Withholdings from the employees salaries include FICA Social Security taxes at the rate of 6 20% FICA Medicare taxes at the rate of 145%, $13,560 of federal income taxes, $1,330 of medical insurance deductions, and $800 of union dues. No employee earned more than $7,000...
Check my w On January 8, the end of the first weekly pay period of the...
Check my w On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $27.760 of office salaries and $70.840 of sales salaries. Withholdings from the employees salaries include FICA Social Security taxes at the rate of 6 20% FICA Medicare taxes at the rate of 145%, $13,560 of federal income taxes, $1,330 of medical insurance deductions, and $800 of union dues. No employee earned more than $7,000...
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...
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?
47. Which of the following statements regarding Social Security are CORRECT? 1. Self-employed individuals may deduct the 100% payroll tax paid on their net Schedule C income as an above-the-line deduction from adjusted gross income. 2. Medicare taxes are 2.9% of an employee's compensation (paid half by the employer and half by the employee) with no ceiling (not including the Additional Medicare Tax). 3. Workers who are not covered by Social Security and do not pay into the system may...
Exercise 13-31 (b) (LO. 5) Cheng is an employee of KaTuk Corporation. He also has his own business working as a caterer. For 2020, Cheng's wages from KaTuk were $198,000. His self-employment income was $34,000. If required, round any computations to two decimal places. Round final answers to the nearest dollar. a. Compute the total payroll, self-employment, and additional Medicare taxes for Cheng for 2020. 12,682 → Feedback Check My Work Payroll (employment) taxes can be a significant cost for...
Question 75 of 75. In 2018, Raj, a self-employed consultant, spent $4,500 for qualifying health coverage that he purchased dir insurance company. He is not eligible to be covered under any other insurance plan. His net profit from his hu the amount used to figure his self-employment tax, was $68,000. He had no other earned income. How much can directly from an deduct as an adjustment for self-employed health insurance? $0 $2,250
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...
9 Check my work Problem 11-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. has four employees, FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7000 paid to each employee, the company's FUTA taxes are 05% and SUTA taxes are 2.15%. The company is preparing its payroll calculations for the week ended August 25 Payroll records show the following...
Problem 19-38 (LO. 2, 4, 5, 6) In 2018, Susan's sole proprietorship earns $300,000 of self-employment net income (after the deduction for one-half of self-employment tax). a. The maximum amount that Susan can deduct for contributions to a defined contribution Keogh plan is $ 54,000 x Feedback Check My Work Self-employed individuals (e.g., partners and sole proprietors) and their employees are eligible to receive qualified retirement benefits under the SIMPLE plans or under what are known as H.R. 10 (Keogh)...
Check my w On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $27.760 of office salaries and $70.840 of sales salaries. Withholdings from the employees salaries include FICA Social Security taxes at the rate of 6 20% FICA Medicare taxes at the rate of 145%, $13,560 of federal income taxes, $1,330 of medical insurance deductions, and $800 of union dues. No employee earned more than $7,000...
Check my w On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $27.760 of office salaries and $70.840 of sales salaries. Withholdings from the employees salaries include FICA Social Security taxes at the rate of 6 20% FICA Medicare taxes at the rate of 145%, $13,560 of federal income taxes, $1,330 of medical insurance deductions, and $800 of union dues. No employee earned more than $7,000...
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