Question
Exercise 13-32 (Algorithmic) (LO. 5) Andrea is an employee of Fern Corporation. She also has her own business working as a life coach. For 2019,
Exercise 13-32 (Algorithmic) (LO. 5) Andrea is an employee of Fern Corporation. She also has her own business working as a life coach. For 2019, Andrea's wages from Fern were $248,000. Her self-employment income was $37,400 (line 4, Form SE, based on 92.35% of net earnings as a life coach). If required, round any computations to two decimal places. Round final answers to the nearest dollar. a. Compute the total payroll, self-employment, and additional Medicare taxes for Andrea for 2019. $ b. Assume the same facts except that Andrea's 2019 self-employment activities resulted in a loss of $39,400. Compute the total payroll, self-employment, and additional Medicare taxes for Andrea for 2019. $ c. Compute Andrea's NIIT for 2019 using wages of $248,000, self-employment income of $37,400 and NII of $27,600. There are no expenses allocable to any investment income.
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