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PSC 5-9 Calculate Self-Employment Tax For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files tax returns under single status Remember, the IRS instruct employers to collect additional Medicare tax on all employee earnings more than $200,000 in a single year without regard to filing status NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation 1 Wanda Jennings eams net self-employment income of $73,500 She does not work a second job Self-Employment tax- 11.24550 2 Earnestine Stockwell eams net self-employment income of $108,750. She works a second job from which she receives FICA taxable eamings of $51,400 Self-Employment tax 3 Belinda Austin eams net self-employment income of $202,100 She works a second job from which she receives FICA taxable eamings of $142,100, Self-Employment tax=

PSC 5-9 Calculate Self-Employment Tax For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files tax returns under single status Remember, the IRS instruct employers to collect additional Medicare tax on all employee earnings more than $200,000 in a single year without regard to filing status NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation 1 Wanda Jennings eams net self-employment income of $73,500 She does not work a second job Self-Employment tax- 11.24550 2 Earnestine Stockwell eams net self-employment income of $108,750. She works a second job from which she receives FICA taxable eamings of $51,400 Self-Employment tax 3 Belinda Austin eams net self-employment income of $202,100 She works a second job from which she receives FICA taxable eamings of $142,100, Self-Employment tax=

FINANCIAL ACCOUNTING
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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PSC 5-9 Calculate Self-Employment Tax For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files tax returns under single status Remember, the IRS instructs employers to collect additional Medicare tax on all employee earnings more than $200,000 in a single year without regard to filing status NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation 1: Wanda Jennings eams net self-employment income of $73,500 She does not work a second job Self-Employment tax= 11.245 50 2 Earnestine Stockwell eams net self-employment income of $108,750. She works a second job from which she receives FICA taxable eamnings of $51,400 Self-Employment tax- 3 Belinda Austin eams net self-employment income of $202,100. She works a second job from which she receives FICA taxable earnings of $142,100 Self-Employment tax=
Transcribed Image Text:PSC 5-9 Calculate Self-Employment Tax For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files tax returns under single status Remember, the IRS instructs employers to collect additional Medicare tax on all employee earnings more than $200,000 in a single year without regard to filing status NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation 1: Wanda Jennings eams net self-employment income of $73,500 She does not work a second job Self-Employment tax= 11.245 50 2 Earnestine Stockwell eams net self-employment income of $108,750. She works a second job from which she receives FICA taxable eamnings of $51,400 Self-Employment tax- 3 Belinda Austin eams net self-employment income of $202,100. She works a second job from which she receives FICA taxable earnings of $142,100 Self-Employment tax=
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