Problem 8-67 (LO 8-3) (Algo) Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2023. During that time, he earned $50,000 of self-employment income. On April 1, 2023, Kyle took a job as a full-time software engineer with one of his former clients. Hoogle Incorporated From April through the end of the year, Kyle earned $196,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Self-employment/FICA tax

Problem 8-67 (LO 8-3) (Algo) Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2023. During that time, he earned $50,000 of self-employment income. On April 1, 2023, Kyle took a job as a full-time software engineer with one of his former clients. Hoogle Incorporated From April through the end of the year, Kyle earned $196,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Self-employment/FICA tax

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter3: Social Security Taxes

Section: Chapter Questions

Problem 4SSQ: Lori Kinmark works as a jeweler for a local company. She earns 1,000 per week, plus a year-end bonus...

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Lori Kinmark works as a jeweler for a local company. She earns 1,000 per week, plus a year-end bonus of 2,000. Kinmark also earns an additional net self-employment income of 28,000 per year. ____1.Compute Kinmarks annual earnings from employment. ____2.Compute Kinmarks total earnings from her job and from self-employment income. ____3.How much self-employment income should Kinmark include in computing taxable self-employment income for OASDI taxes? ____4.What are the total FICA taxes on her self-employment earnings?
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.
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