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 $80,000 of self-employment income. On April 1, 2023, Kyle took a job as a full-time software engineer with one of his former client Hoogle Incorporated From April through the end of the year, Kyle earned $158,000 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 $80,000 of self-employment income. On April 1, 2023, Kyle took a job as a full-time software engineer with one of his former client Hoogle Incorporated From April through the end of the year, Kyle earned $158,000 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

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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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.
Problem 8-67 (LO 8-3) (Algo) Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2022. During that time, he earned $56,000 of self-employment income. On April 1, 2022, 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 $188,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? Note: Round your intermediate calculations to the nearest whole dollar amount. Self-employment/FICA tax 27
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