Adam Fleeman, a skilled carpenter, started a home improvement business with Tom Collins, a master plumber. Adam
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Question:
Adam Fleeman, a skilled carpenter, started a home improvement business with Tom Collins, a master plumber. Adam and Tom are concerned about the payroll taxes they will have to pay. Assume they form an S corporation and each earns a salary of $ from the corporation; in addition, they expect their share of business profits to be $ each.
How much Social Security tax and Medicare tax or selfemployment tax will Adam, Tom, and their corporation have to pay on their salary and profits? Assume Adam and Tom are paying themselves reasonable salaries.
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