Question
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
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Step: 1
To determine the total amount Monica owes to the IRS we need to calculate both her federal income ta...
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Human Resource Management
Authors: Robert L. Mathis, John H. Jackson
13th Edition
053845315X, 978-0538453158
