Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $38,200. How much Social Security taxes must he pay this year?
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Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $38,200. How much Social Security taxes must he pay this year?
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- Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.Fred, a self-employed taxpayer, travels from Denver to Miami primarily on business. He spends five days conducting business and two days sightseeing. His expenses are 400 (airfare), 150 per day (meals), and 300 per night (lodging). What are Freds deductible expenses?Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $38,200. How much Social Security and Medicare must he pay (in $) this year?
- Dianne earns 19,600 per year. Her employer deducts 2,800 per year for income and social security taxes. How much money does she have for other expenses each month?Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $31,900. How much Social Security and Medicare must he pay this year? (a) Social Security- (b) Medicare-Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $37,200. How much Social Security and Medicare must he pay (in $) this year? Social Security$ Medicare$
- Kevin owns a small business with two employees. For one payroll period the total withholding tax for all employees was 1,536. The total employees Social security tax was $168 and the total employers social security tax was $251. The total employees Medicare tax was $110 How much John deposit as the employer's share of social security tax and Medicare tax? What is the total tax that must be deposited?Sedki earned $119,750 in 2014. How much did he pay in Social Security taxes? InMedicare taxes? In total FICA taxes? (Hint: Don’t forget the annual Social Securityearnings cap.)Shirley Riddle earns $2,333 biweekly. She is single and claims no withholding allowances. She saves 2% of her salary for retirement and pays $22.81 in nonexempt insurance premiums each pay period. The Social Security Tax is 6.2% from earnings to be taxed. The Medicare tax is 1.45% from all earnings. What are her net earnings for each pay period?
- John Waits owns a small shop with three employees. For one payroll period the total withholding tax for all employees was $1,710. The total employees' Social Security tax was $171 and the total employer's Social Security tax was $171. The total employees' Medicare tax was $116 How much must John deposit as the employer's share of Social Security tax and Medicare tax? What is the total tax that must be deposited? John must deposit $ as the employer's share of Social Security tax and Medicare tax. (Simplify your answer.) The total tax that must be deposited is (Simplify your answer.) C $0.Luna, a self-employed accountant, currently earns $100,000 annually. Luna has been able to save 18% of her annual Schedule C net income. Assume that Luna paid $11,000 in Social Security taxes, and that she plans to pay off her mortgage at retirement, thereby relieving her of her only debt. Luna presently pays $1,500 per month toward the mortgage principal and interest. Based on the information provided herein, what do you expect Luna's wage replacement ratio to be at retirement? Question 2 options: a. 49% b. 53% c. 59% d. 63%John Waits owns a small shop with three employees. For one payroll period the total withholding tax for all employees was $1,558. The total employees' Social Security tax was $164 and the total employer's Social Security tax was $164. The total employees' Medicare tax was $112 How much must John deposit as the employer's share of Social Security tax and Medicare tax? What is the total tax that must be deposited?