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SI gie taxpayer,

SI gie taxpayer,

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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Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2021. During that time, he earned $66,000 of self-employment income. On April 1, 2021, 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 $176,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? (Round your intermediate calculations to the nearest whole dollar amount.) Self-employment/FICA tax
Transcribed Image Text:Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2021. During that time, he earned $66,000 of self-employment income. On April 1, 2021, 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 $176,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? (Round your intermediate calculations to the nearest whole dollar amount.) Self-employment/FICA tax
Alice is single and self-employed in 2021. Her net business profit on her Schedule C for the year is $188,000. What are her self-employment tax liability and additional Medicare tax liability for 2021? (Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability Additional medicare tax liability
Transcribed Image Text:Alice is single and self-employed in 2021. Her net business profit on her Schedule C for the year is $188,000. What are her self-employment tax liability and additional Medicare tax liability for 2021? (Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability Additional medicare tax liability
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