Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

21/27 Alice is single and self-employed in 2021. Her net business profit on her Schedule C for the year is $188,000. What are her self-employment

image text in transcribedimage text in transcribed21/27

Alice is single and self-employed in 2021. Her net business profit on her Schedule C for the year is $188,000. What are her self-employment tax liability and additional Medicare tax liability for 2021? (Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability Additional medicare tax liability Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2021. During that time, he earned $66,000 of self-employment income. On April 1, 2021, 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 $176,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? (Round your intermediate calculations to the nearest whole dollar amount.) Self-employment/FICA tax

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Federal Taxation 2018

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

9th Edition

1260007642, 978-1260150292, 1260150291, 978-1260007640

More Books

Students also viewed these Accounting questions

Question

Describe five career management practices

Answered: 1 week ago