For each of the following individuals, calculate the applicable self- employment tax. Assume that each individual files tax returns under single status. Remember, the IRS instructs employers to collect additional Medicare tax on all employee earnings more than $200,000 in a single year without regard to filing status. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 2. Alexander Ryan earns net self- employment income of $120,100. He works a second job from which he receives FICA taxable earnings of $58,400. Self-Employment tax = $ 3. Morgan Cruise earns net self- employment income of $226,100. She works a second job from which she receives FICA taxable earnings of $118,100.00. 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. Remember, the IRS instructs employers to collect additional Medicare tax on all employee earnings more than $200,000 in a single year without regard to filing status. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 2. Alexander Ryan earns net self- employment income of $120,100. He works a second job from which he receives FICA taxable earnings of $58,400. Self-Employment tax = $ 3. Morgan Cruise earns net self- employment income of $226,100. She works a second job from which she receives FICA taxable earnings of $118,100.00. Self-Employment tax= $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Explain the meaning of withholding at source
How can forwardrates be used for hedging purposes?
Define call protection
Explain the GPC backup technique. Is it used for sequential files or direct access techniques? Explain.
Differentiate between source documents and vouchers.
I need this in text not images
Describe about the deferrals? Explain it in detail.
What are reversing entries, and how do they work?
True or False: Access controls limit who can change records Group of answer choices True False
How is the access control list approach different from RBAC?
could not understand need manual answer not on excel
What are some true statements regarding the use of a worksheet?