For self-employed persons, social security tax is 12.4% of wages up to $128,400, and Medicare tax is 2.9% of all wages. Compute Austin's total social security and Medicare taxes for the first quarter if she is self-employed and earns $5,000.00 on a semimonthly basis.
For self-employed persons, social security tax is 12.4% of wages up to $128,400, and Medicare tax is 2.9% of all wages. Compute Austin's total social security and Medicare taxes for the first quarter if she is self-employed and earns $5,000.00 on a semimonthly basis.
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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For self-employed persons, social security tax is 12.4% of wages up to $128,400, and Medicare tax is 2.9% of all wages. Compute Austin's total social security and Medicare taxes for the first quarter if she is self-employed and earns $5,000.00 on a semimonthly basis.
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That is the answer I got but it is wrong its either a. $4,590 b. $1,476.60 c. $4,180.80 or d. $3,295 I can't figure out how it's one of those answers
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