Question
Based on the current year tax tables, what is Cory and Kassidy's applicable federal, FICA, and self-employment taxes? Note 1: State tax = (AGI
Based on the current year tax tables, what is Cory and Kassidy's applicable federal, FICA, and self-employment taxes?
Note 1: State tax = (AGI - standard deduction) x 6%
Note 2: Although state tax is calculated using the standard deduction, federal tax may differ if they take itemized deductions and the QBI deduction.
Note 3: Employee 401(k) contributions reduce Cory's income for federal & state purposes, but not for FICA tax purposes.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
