What is an independent contractor's yearlycontribution to the U.S. Social Security tax on anincome of $40,000/year?Total Due:FICA TaxesEmployer'sResponsibilityEmployee'sResponsibilitySocial Security Medicare2.90%12.40%6.20%6.20%1.45%1.45%

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Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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A car dealer carries out the following calculations. List price $ 15,428.00 Options $ 3,625.00 Destination charges $ 350.00 Subtotal $ 19,403.00 Tax $ 1,164.18 Less trade-in $ 7,950.00 Amount to be financed $ 12,617.18 3% interest for 48 months $ 1,514.06 Total $ 14,131.24 MONTHLY PAYMENT $ 294.40 What is the annual percentage rate? (Round your answer to one decimal place.) %
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Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $129,000, what are the taxpayer's FICA taxes? Employee's Rates 7.65% on first $118,500 of Matching Rates Paid by the Employer 7.65% on first $118,500 paid 15.3% on first $118,500 of net Self-Employed Rates income in wages profits 2.9% of net profits in excess of $118,500 1.45% of income in excess 1.45% of wages paid in excess of $118,500 of $118,500 FICA taxes are $. (Type an integer or a decimal. Round to the nearest cent as needed.)
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What is an independent contractor's yearly contribution to the U.S. Social Security tax on an income of $40,000/year? Total Due: FICA Taxes Employer's Responsibility Employee's Responsibility Social Security Medicare 2.90% 12.40% 6.20% 6.20% 1.45% 1.45%