Homework Help is Here – Start Your Trial Now!
Business
Accounting
Andrea is an employee of Fern Corporation and single. She also has her own business working as a life coach. For 2022, Andrea's wages from Fern were $210,000. Her self-employment income was $30,000. 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 Andrea for 2022. 14,880 X Feedback Check My Work Payroll (employment) taxes can be a significant cost for a business and its owners. Such costs can be classified into two categories: (1) FICA taxes (Social Security and Medicare) and (2) Self-employment tax. b. Assume the same facts except that Andrea's 2022 self-employment activities resulted in a loss of $15,000. Compute the total payroll, self-employment, and additional Medicare taxes for Andrea for 2022. X Feedback Check My Work Incorrect c. Compute Andrea's NIIT for 2022 using wages of $210,000, self-employment income of $30,000 and NII of $20,000. There are no expenses allocable to any investment income.

Andrea is an employee of Fern Corporation and single. She also has her own business working as a life coach. For 2022, Andrea's wages from Fern were $210,000. Her self-employment income was $30,000. 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 Andrea for 2022. 14,880 X Feedback Check My Work Payroll (employment) taxes can be a significant cost for a business and its owners. Such costs can be classified into two categories: (1) FICA taxes (Social Security and Medicare) and (2) Self-employment tax. b. Assume the same facts except that Andrea's 2022 self-employment activities resulted in a loss of $15,000. Compute the total payroll, self-employment, and additional Medicare taxes for Andrea for 2022. X Feedback Check My Work Incorrect c. Compute Andrea's NIIT for 2022 using wages of $210,000, self-employment income of $30,000 and NII of $20,000. There are no expenses allocable to any investment income.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

F93.

 

Andrea is an employee of Fern Corporation and single. She also has her own business working as a life coach. For 2022, Andrea's wages from Fern were $210,000. Her self-employment income was $30,000. 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 Andrea for 2022. 14,880 X Feedback Check My Work Payroll (employment) taxes can be a significant cost for a business and its owners. Such costs can be classified into two categories: (1) FICA taxes (Social Security and Medicare) and (2) Self-employment tax. b. Assume the same facts except that Andrea's 2022 self-employment activities resulted in a loss of $15,000. Compute the total payroll, self-employment, and additional Medicare taxes for Andrea for 2022. X Feedback Check My Work Incorrect c. Compute Andrea's NIIT for 2022 using wages of $210,000, self-employment income of $30,000 and NII of $20,000. There are no expenses allocable to any investment income.
Transcribed Image Text:Andrea is an employee of Fern Corporation and single. She also has her own business working as a life coach. For 2022, Andrea's wages from Fern were $210,000. Her self-employment income was $30,000. 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 Andrea for 2022. 14,880 X Feedback Check My Work Payroll (employment) taxes can be a significant cost for a business and its owners. Such costs can be classified into two categories: (1) FICA taxes (Social Security and Medicare) and (2) Self-employment tax. b. Assume the same facts except that Andrea's 2022 self-employment activities resulted in a loss of $15,000. Compute the total payroll, self-employment, and additional Medicare taxes for Andrea for 2022. X Feedback Check My Work Incorrect c. Compute Andrea's NIIT for 2022 using wages of $210,000, self-employment income of $30,000 and NII of $20,000. There are no expenses allocable to any investment income.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Federal Insurance Contributions Act (FICA)
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS