Question
HELP WILL GIVE THUMBS UP !!!!! 7. Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2023. During
HELP WILL GIVE THUMBS UP !!!!! 7. Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2023. During that time, he earned $90,000 of self-employment income. On April 1, 2023, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Incorporated From April through the end of the year, Kyle earned $198,000 in salary.
What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
14. This year Lloyd, a single taxpayer, estimates that his tax liability will be $13,150. Last year, his total tax liability was $17,100.
He estimates that his tax withholding from his employer will be $9,795.
a. How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty?
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