Kyle, a single taxpayer, worked as a free-lance software engineer for the first three months of 2019. During that time, he earned$68,000 of self-employment income. On April 1, 2019, Kyle took a job as a full-time software engineer with one of his former clients,Hoogle Inc. From April through the end of the year, Kyle earned $184,000 in salary.What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? (Round your intermediatecalculations to the nearest whole dollar amount.)Self-employment/FICA tax

Self-employed people must pay Social Security and Medicare taxes under a system known as…

Answered: What amount of FICA taxes…

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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Similar questions

(d) What is Kevone's taxable income? (e) Kevone paid $16,300 in taxes last year. Will Kevone get a refund? If so, how much? If not, how much does he owe?
Assuming they all meet the income requirements, which of the following taxpayers qualify for the earned income credit in 2019? a. A married taxpayer who files a separate tax return and has a dependent child b. A single taxpayer who waited on tables for 3 months of the tax year and is claimed as a dependent by her mother c. A single taxpayer who is self-employed and has a dependent child d. a and c above e. None of the above qualify for the earned income credit
Seun started his self-employment on 1 July 2020, he prepared the first period of accounts to 31 December 2021. What tax year will be his first tax year? 2020/2021 2021/2022 2019/2020 2022/2023
______________ is the tax payment deadline for all individual taxpayers regardless if they have self-employment or unincorporated business income to report in 2021?
Manuel pays insurance premiums for his employees. What type of insurance premium is not deductible as compensation paid to the employee?
What is the amount of self-employment tax that would be paid by Andy for the year assuming he earned $128,100 while working as an employee of the University and another S20,000 from a sales business he owns? Select one: a. S1,190.40 b. S1,726.03 C. $535.63 d. $2,825.91 e. None of these
Cadla has a very complex tax return and it looks like she will not be able to file her tax return by its due date. When is her tax return due? What are Cadla's options for paying her tax due and filing her tax return this year? What are the consequences if Cadla does not file or pay her tax in a timely manner? Be specific
Which of the following taxpayers does not have to file a tax return for 2018? a.A single taxpayer who is under age 65, with income of $13,500. b.Married taxpayers (ages 45 and 50 years), filing jointly, with income of $26,000. c.A student, age 22, with unearned income of $2,500 who is claimed as a dependent by her parents. d.A qualifying widow (age 67) with a dependent child and income of $18,800. e.All of these choices are correct.
Jason is an Australian tax resident and for the financial year 2019-20, has taxable income of $ 61,000 and reportable super contribution of $ 3,500. Jason also has a Study and Training Support loan (HELP-HECS) from undertaking a University degree. What is Jason's compulsory rate of repayment on this loan?
Which of the following payments may be considered alimony? A. cash payment B. Child support 500 month C. Property settlement D. Payment on former spouces estate
Helen is a single taxpayer with interest income in 2019 of $8750 is she required to file a tax return
Benjamin is a qualifying taxpayer with the following dependents: child age 17 child age 15 mother age 67 What is the maximum amount of the child tx credit that is refundable to benjamin in 2021?

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