Question
Can you explain how this is calculated? Martin Hughes earns net self-employment income of $152,000. He works a second job from which he receives FICA
Can you explain how this is calculated?
Martin Hughes earns net self-employment income of $152,000. He works a second job from which he receives FICA taxable earnings of $94,600. I have to figure the self employment tax.
I am using the 128400 - 94600 = 33800 * 15.3% = 5171.40
152000 - 33800=118200 * 2.9% = 3427.80
3427.80 + 5171.40 = 8599.20
It says I am wrong.
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Accounting for Governmental and Nonprofit Entities
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
18th edition
1260190080, 1260190083, 978-1259917059
