Monica has monthly gross earnings of $7,247.00 as a self-employed curriculum developer. Determine the amount she owes to the IRS if her federal income tax
Monica has monthly gross earnings of $7,247.00 as a self-employed curriculum developer. Determine the amount she owes to the IRS if her federal income tax calculation, using the percentage method, is $169.79 plus 15%over $2,254, and she has zero withholding allowances. Note: A self-employed individual pays 12.4%Social Security tax and 2.9%Medicare tax.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To determine the total amount Monica owes to the IRS we need to calculate both her federal income ta...
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Authors: Robert L. Mathis, John H. Jackson
13th Edition
053845315X, 978-0538453158
