Answered: For self-employed persons, social…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 51P: Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys...

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For self-employed persons, social security tax is 12.4% of wages up to $128,400, and Medicare tax is 2.9% of all wages. Compute Austin's total social security and Medicare taxes for the first quarter if she is self-employed and earns $5,000.00 on a semimonthly basis.

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That is the answer I got but it is wrong its either a. $4,590 b. $1,476.60 c. $4,180.80 or d. $3,295 I can't figure out how it's one of those answers

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