Question
For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files tax returns under Married Filing Jointly status. NOTE: For
For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files tax returns under Married Filing Jointly 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 $68,400. She does not work a second job. Self-Employment tax =
2:Alexander Ryan earns net self-employment income of $117,800. He works a second job from which he receives FICA taxable earnings of $50,500. Self-Employment tax =
3:Morgan Cruise earns net self-employment income of $223,400. She works a second job from which she receives FICA taxable earnings of $109,400.00. Self-Employment tax =
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