Question
Miss Arkin's net profit from Schedule C was $64,000, and she received a $200,000 salary from an employer. She had no other income. What
Miss Arkin's net profit from Schedule C was $64,000, and she received a $200,000 salary from an employer. She had no other income. What is the total amount of FICA taxes (self-employment and employment related, including the additional .9% Medicare tax) does Miss Arkin owe for the year? Show your work Limit on SS wage 1 base Employee 2 Compensation Limit on SS base 3 for SE tax purpose 4 SE Income Net earning from 5 SE % Net earning from 6 SE Medicare portion 7 of SE 8 SS portion of SE tax Total SE Taxes 147,000.00 200,000.00 64,000.00 92.35% 59,104.00 2,245.95 $ 2,245.95
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Principles Of Taxation For Business And Investment Planning 2016 Edition
Authors: Sally Jones, Shelley Rhoades Catanach
19th Edition
1259549259, 978-1259618536, 1259618536, 978-1259549250
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