Finance QUESTION: 66Harmony was self-employed for the first half of 2015, earning$18,000 of Schedule C (business) net income. During the secondhalf of the year, she began working as an employee and earned$38,000 in salary. What amount of self-employment taxes isHarmony required to pay?

Step 1: Calculate Limit on Social Security Base for Self-Employment Tax The limit on social security…

Answered: QUESTION: 66 Harmony was self-employed…

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

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter3: Social Security Taxes

Section: Chapter Questions

Problem 1QD: During the year, employee Sean Matthews earned wages in the amount of 250,000. Discuss how the...

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Similar questions

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An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the FICA Medicare tax rate is 1.45%. What is the employees FICA taxes responsibility? A. $535.50 B. $612 C. None, only the employer pays FICA taxes D. $597.50 E. $550
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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QUESTION: 66 Harmony was self-employed for the first half of 2015, earning $18,000 of Schedule C (business) net income. During the second half of the year, she began working as an employee and earned $38,000 in salary. What amount of self-employment taxes is Harmony required to pay?