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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Help me form 1040 - line12a thru 20 Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm. During 2019, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income— City of Albuquerque general purpose bonds $1,000 Ford Motor company bonds 1,100 Ally Bank certificate of deposit 400 2,500 Child support payments from John Allen 7,200 Annual gifts from parents 26,000 Settlement from Roadrunner Touring Company 90,000 Lottery winnings 600 Federal income tax refund (for tax year 2018) 400 Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.)…
! Question 18 B is a builder with a staff of ten employees. In April 2000 he paid the following amounts: Net salaries after tax and national insurance $16,000 Tax and employees' national insurance for March 2000 Employer's national insurance for March 2000 $7,000 $3,000 He owes $8,000 for April's tax and employees' national insurance and $3,500 for April's employer's national insurance. What is the correct expense to be included in April's profit and loss account? $.. .
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ook Problem 6-37 (LO 6-1) Kelly is a self-employed tax attorney whose practice primarily involves tax planning. During the year, she attended a three-day seminar regarding new changes to the tax law. She incurred the following expenses: Lodging Meals Course registration Transportation $ 460 81 410 210 Required: a. How much can Kelly deduct? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b. Kelly believes that obtaining a CPA license would improve her skills as a tax attorney. She enrolls as a part-time student at a local college to take CPA review courses. During the current year, she spends $1,800 for tuition and $360 for books. How much of these expenses can Kelly deduct? a. Total deduction: b. Deductible education expenses
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q2 Steve worked as a tech supervisor for a computer company. In September of this year, he was laid off. He was paid unemployment compensation for the rest of the year totaling $7,000. Which of the following is true? a. Steve will have to report all S7,000 of the unemployment compensation as income. b. Unemployment compensation is never taxable. c.Steve will have to report $4,600 of the unemployment compensation as income. d. As long as the unemployment compensation payments are less than the taxpayer's previous salary, they are not taxable. e. None of these choices are true.
Please help I am missing something and my numbers are not adding up. Thank you
Example 3-1 During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly salary of $9,000. Compute the amount of FICA taxes that should be withheld from her. Note: Rachael's tax return status s single. If an amount is zero, enter "0". a. 9th paycheck b. 17th paycheck c. 22nd paycheck d. If Lopez's year-to-date earnings as of her 24th paycheck are $216,000, and her year-end bonus is $100,000, how much additional 0.9% HI tax would be deducted for the year? $ $ OASDI 558 186 ✓ 0 ✓ $ HI 1,044 ✔
Makayla Jennings 34 is filing as a single tax payer during the year she earned 53000 in wages from her job as a high school english teacher makayla has always been a avid reader and in addition to her teaching job she had an opportunity in early 2020 to lead a book club at a nearby community center makayla led the book for early January until March 19 2020 when the center closed due to covid restrictions the community center pay het and in early 2021 she recieve form 1099 nec reporting 510 for nonemployee compensation in box 1 the community center is within walking distance of makayla home so she did not have any vehicle or travel expenses he only businesd related expenses was 50 in supplies makayla has no other income What is the amount of makayla self employment tax?