Problem 8-67 (LO 8-3) (Algo)Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2022. During that time, he earned$56,000 of self-employment income. On April 1, 2022, Kyle took a job as a full-time software engineer with one of his former clientsHoogle Incorporated From April through the end of the year, Kyle earned $188,000 in salary.What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year?Note: Round your intermediate calculations to the nearest whole dollar amount.Self-employment/FICA tax27

The FICA tax is Federal insurance tax that is collected by the federal bank that is going to be…

yle, a single taxpayer, worked as a freelance software engineer for the first three months of 2022. During that tim 56,000 of self-employment income. On April 1, 2022, Kyle took a job as a full-time software engineer with one a oogle Incorporated From April through the end of the year, Kyle earned $188,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? Hote: Round your intermediate calculations to the nearest whole dollar amount. Self-employment/FICA tax

yle, a single taxpayer, worked as a freelance software engineer for the first three months of 2022. During that tim 56,000 of self-employment income. On April 1, 2022, Kyle took a job as a full-time software engineer with one a oogle Incorporated From April through the end of the year, Kyle earned $188,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? Hote: Round your intermediate calculations to the nearest whole dollar amount. Self-employment/FICA tax

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 2022. During that time, he earned $60,000 of self-employment income. On April 1, 2022, 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 $202,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? Note: Round your intermediate calculations to the nearest whole dollar amount.
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