1:Annabelle Jefferson earns net self-employment income of $68,400. She does not work a second job. Self-Employment tax = 2:Alexander Ryan earns net self-employment income of $117,800. He works a second job from which he receives FICA taxable earnings of $55,300. Self-Employment tax = 3:Morgan Cruise earns net self-employment income of $223,400. She works a second job from which she receives FICA taxable earnings of $114,200.00. Self-Employment tax =
PSa 5-9 Calculate Self-Employment Tax
For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files tax returns under Single 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 $68,400. She does not work a second job.
Self-Employment tax =
2:Alexander Ryan earns net self-employment income of $117,800. He works a second job from which he receives FICA taxable earnings of $55,300.
Self-Employment tax =
3:Morgan Cruise earns net self-employment income of $223,400. She works a second job from which she receives FICA taxable earnings of $114,200.00.
Self-Employment tax =
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
