Question
For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files tax returns under Single status. NOTE: For simplicity, all
For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files tax returns under Single status. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
1:Annabelle Jefferson earns net self-employment income of $43,500. She does not work a second job. Self-Employment tax =
2:Alexander Ryan earns net self-employment income of $115,000. He works a second job from which he receives FICA taxable earnings of $53,300. Self-Employment tax =
3:Morgan Cruise earns net self-employment income of $221,000. She works a second job from which she receives FICA taxable earnings of $113,000.00. Self-Employment tax =
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