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Use these tax rates and taxable wage: OASDI(Employees' and Employers' 6.2%; Self-Employed 12.4%) on first $113,700. HI(Employees' and Employers' 1.45%; Self-Employed 2.9%) on all taxable
Use these tax rates and taxable wage: OASDI(Employees' and Employers' 6.2%; Self-Employed 12.4%) on first $113,700. HI(Employees' and Employers' 1.45%; Self-Employed 2.9%) on all taxable wages. Note: Employees' supplemental HI rate of 0.9% on wages in excess of $200,000 is not applicable
Refer to Instruction 3-1. Fess receives wages totaling $74,500 and has net earnings from self-employment amounting to $51,300. In determining her taxable self-employment income for the OASDI tax, how much of her net self-employment earnings must Fess count?
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