12. Steven owns a construction firm. He has six full-time employees. He also has contractors who work with Steven's construction firm and several other construction firms. Based on the following information, how much does Steven owe in FICA tax for the current pay period? Employee/ Contractor Contractor 1 Employee 1 Employee 2 Employee 3 TOTAL a) $680.38 b) $627.04 c) $782.60 d) $690.59 YTD Wages $ 67,000 $ 85,000 $ 92,350 $143,975 Current Payments $ 2,000 $ 2,742 $ 2,979 $ 4,509 $12,230 Social Security Tax Medicare Tax Current Employer FICA Tax
12. Steven owns a construction firm. He has six full-time employees. He also has contractors who work with Steven's construction firm and several other construction firms. Based on the following information, how much does Steven owe in FICA tax for the current pay period? Employee/ Contractor Contractor 1 Employee 1 Employee 2 Employee 3 TOTAL a) $680.38 b) $627.04 c) $782.60 d) $690.59 YTD Wages $ 67,000 $ 85,000 $ 92,350 $143,975 Current Payments $ 2,000 $ 2,742 $ 2,979 $ 4,509 $12,230 Social Security Tax Medicare Tax Current Employer FICA Tax
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:12. Steven owns a construction firm. He has six full-time employees. He also has contractors who work
with Steven's construction firm and several other construction firms. Based on the following information,
how much does Steven owe in FICA tax for the current pay period?
Employee/ YTD
Contractor Wages
Contractor 1
Employee 1
Employee 2
Employee 3
TOTAL
a) $680.38
b) $627.04
c) $782.60
d) $690.59
$ 67,000
$ 85,000
$ 92,350
$143,975
Current
Payments
$ 2,000
$ 2,742
$ 2,979
$ 4,509
$12,230
Social
Security Tax
Medicare
Tax
Current Employer
FICA Tax
13. Allen, a fiscal year taxpayer, is trying to determine the final date for submitting his tax return. His fiscal
year begins on April 1 and ends on March 31. Which of the following would be Allen's due date for filing
his tax return?
a) July 15th unless the due date falls on a Saturday, Sunday, or legal holiday
b) April 15th unless the due date falls on a Saturday, Sunday, or legal holiday
c) The last day of the month following the end of his fiscal year
d) June 15th, unless the date falls on a Saturday, Sunday, or legal holiday
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