Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2021. During that time, he earned $72,000 of

Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2021. During that time, he earned $72,000 of self- employment income. On April 1, 2021, 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 $199,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? (Round your intermediate calculations to the nearest whole dollar amount.) X Answer is complete but not entirely correct. Self-employment/FICA tax 2$ 22,551 X

Step by Step Solution

3.49 Rating (149 Votes )

There are 3 Steps involved in it

Step: 1

Self employmentFICA TAX 13940 Particulars Explanation Amount Social security ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Taxation Of Individuals And Business Entities 2021

Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham

12th Edition

1260247139, 978-1260247138

More Books

Students also viewed these Accounting questions