1. For computing the OASDI taxes, the maximum self-employment earnings of any individual is $200,000. a. True b. False 2. If the self-employed individual is also an employee of another company, the wages received can reduce the amount of self-employment income that is taxed. a. True b. False 3. Ramsey Smith receives wages amounting to $93,500. His net earnings from self-employment amount to $68,600. Smith must count determining taxable self-employment income for OASDI taxes. a. $68,600 b. $147,000 C. $53,500 d. $93,500 of his earnings in
1. For computing the OASDI taxes, the maximum self-employment earnings of any individual is $200,000. a. True b. False 2. If the self-employed individual is also an employee of another company, the wages received can reduce the amount of self-employment income that is taxed. a. True b. False 3. Ramsey Smith receives wages amounting to $93,500. His net earnings from self-employment amount to $68,600. Smith must count determining taxable self-employment income for OASDI taxes. a. $68,600 b. $147,000 C. $53,500 d. $93,500 of his earnings in
Chapter3: Social Security Taxes
Section: Chapter Questions
Problem 4SSQ: Lori Kinmark works as a jeweler for a local company. She earns 1,000 per week, plus a year-end bonus...
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![1. For computing the OASDI taxes, the maximum self-employment earnings of any individual is $200,000.
a. True
b. False
2. If the self-employed individual is also an employee of another company, the wages received can reduce the amount of self-employment income that is taxed.
a. True
b. False
3. Ramsey Smith receives wages amounting to $93,500. His net earnings from self-employment amount to $68,600. Smith must count
determining taxable self-employment income for OASDI taxes.
a. $68,600
b. $147,000
c. $53,500
d. $93,500
of his earnings in](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd1f75051-5517-403a-a3be-4ea4f272b449%2F9329d370-ff27-4205-886b-e483678eae42%2Fjc19pr_processed.png&w=3840&q=75)
Transcribed Image Text:1. For computing the OASDI taxes, the maximum self-employment earnings of any individual is $200,000.
a. True
b. False
2. If the self-employed individual is also an employee of another company, the wages received can reduce the amount of self-employment income that is taxed.
a. True
b. False
3. Ramsey Smith receives wages amounting to $93,500. His net earnings from self-employment amount to $68,600. Smith must count
determining taxable self-employment income for OASDI taxes.
a. $68,600
b. $147,000
c. $53,500
d. $93,500
of his earnings in
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