Matt is self- employed as a carpenter. He made $ 42,000 after expenses in 2012. How much

Question:

Matt is self- employed as a carpenter. He made $ 42,000 after expenses in 2012. How much did he contribute to FICA taxes?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Personal Finance

ISBN: 978-0132994347

5th edition

Authors: Jeff Madura

See More Books

Question Posted: Oct 13, 2015 05:20 AM

See More Questions

Stephen is in a 15% marginal tax bracket. In 2012, he sold stock that he had held for nine months for a gain of $ 1,900. How much tax must he pay on this capital gain? How much would the tax be if he...
The Sampsons think that it will be very difficult for them to pay the full amount of their taxes at this time. Consequently, they are thinking about underreporting their actual income on their tax...
What is a risk premium? Who might take advantage of it?
Which of the following questions involve microeconomics, and which involve macroeconomics? In each case, explain your answer. a. Why did consumers switch to smaller cars in 2008? b. Why did overall...
Kind, Inc., an exempt organization, leases land, a building, and factory equipment to Shirts Inc. Shirts is a taxable entity that manufactures shirts for distribution through its factory outlet...
Explain briefly how a sensitivity analysis is done and what the analysis is designed to show. AppendixLO1
Hand break cable defects. In Control Engineering Practice (March 2013), researchers demonstrated the use of a p-chart for monitoring defects in new automobile hand break cables. A sample of 20 hand...
Veronica Regaldo creates a new business in Mexico on January 1, Year 8, to operate a retail store. Transactions of Regaldo Department Stores during January Year 8 in preparation for opening its first...
Problem 6-18 (Algo) Variable and Absorption Costing Unit Product Costs and Income Statements (L06 LO6-2] Haas Company manufactures and sells one product. The following information pertains to each of...
1. Given the information provided by the financial statements, what would you tell Mary Abrahams? (As part of your answer, calculate the firm's cash flows.) 2. How would you describe the cash flow...
The IRS tax code allows for the deduction of expenses incurred in traveling to a job interview. Sean, Erica, and their two children have used this deduction to fund their vacations for the last eight...
Emily and Paul are married and filed a joint return for 2012. The standard deduction for their filing status is $ 11,900. They have the following itemized deductions: Medical bills above the 7.5%...
Firm A and Firm B have debt-total asset ratios of 60 percent and 35 percent, respectively, and returns on total assets of 4.5 percent and 8 percent, respectively. Which firm has a greater return on...
In Exercises 25-28, construct a data set that has the given statistics. N = 8 2 3
Sample SAT scores for eight males and eight females are listed. Males 1010 1170 1410 920 1320 1100 690 1140 Females 1190 1010 1000 1300 1470 1250 840 1060
Best Actor 2018: Gary Oldman, Age: 59 Best Supporting Actor 2018: Sam Rockwell, Age: 49 The table shows population statistics for the ages of Best Actor and Best Supporting Actor winners at the...
Consider a market dominated by just two airlines, American and United. Each can choose to restrict capacity and charge a high price or expand capacity and charge a low price. If one of the two...
Using the product structure for Alpha in Solved Problem 14.1, and the following lead times, quantity on hand, and master production schedule, prepare a net MRP table for Alphas. Data From Problem...
Why would a researcher choose to conduct nonexperimental research? What are the strengths and weaknesses associated with this type of research? Can cause and effect be established via this type of...
True & False The basis of an asset must be reduced by the depreciation allowable, 2. Adjusted gross income (AGI) is the basis for a number of phase-outs of deductions. 3. A change to adjusted gross...
Describe the relationship between spot rates and forward rates under the interest rate parity (IRP) theory.
Explain the technical technique for forecasting exchange rates. What are some limitations of using technical forecasting to predict exchange rates?
Explain the fundamental technique for forecasting exchange rates. What are some limitations of using a fundamental technique to forecast exchange rates?
Explain the market-based technique for forecasting exchange rates. What is the rationale for using market-based forecasts? If the euro appreciates substantially against the dollar during a specific...
Only need help on 4B and 5. Exercise 9-21 Breakeven Planning; Profit Planning (LO 9-2, 9-3] Connelly Inc., a manufacturer of quality electric ice cream makers, has experienced a steady growth in...
A project with an initial cost of $32,000 is expected to provide cash flows of $12,900, $13,100, $16,200, and $10,700 over the next four years, respectively. If the required return is 8.1 percent,...
A company that is expecting to receive EUR 500,000 in 60 days is considering entering into an FX futures contract to lock an exchange rate to USD for the transaction. The FX rate on the contract is...

Matt is self- employed as a carpenter. He made $ 42,000 after expenses in 2012. How much

Question:

Step by Step Answer:

Selfemployed individuals pay both the employ...View the full answer

Personal Finance

Students also viewed these Corporate Finance questions