Question
Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI6.2% both on $127,200; HI1.45% for employees and employers on the total wages
Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI6.2% both on $127,200; HI1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9% on wages in excess of $200,000 was not applicable. Karlie Hastings is a writer (employee) for the Santa Fe Gazette and has an annual salary of $49,000. This year, she also realized net self-employment earnings of $85,000 from a book she wrote. What portion of her self-employment earnings is subject to the two parts of the social security tax? a. OASDI taxable self-employment earnings $ b. HI taxable self-employment earnings $ c. OASDI self-employment tax $ d. HI self-employment tax $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
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