Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use these tax rates and taxable wage: OASDI- 6.2% on the first $132,900: HI - 1.45% on all taxable wages. Johnson is the sole proprietor
Use these tax rates and taxable wage: OASDI- 6.2% on the first $132,900: HI - 1.45% on all taxable wages.
Johnson is the sole proprietor of nails & more. During the year, her earnings were $81,200. what are her self-employment taxes (OASDI and HI) on these earnings?
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