h 12. Steven owns a construction firm. He has six full-time employees. He also has contractors who workwith Steven's construction firm and several other construction firms. Based on the following information,how much does Steven owe in FICA tax for the current pay period?Employee/ YTDContractor WagesContractor 1Employee 1Employee 2Employee 3TOTALa) $680.38b) $627.04c) $782.60d) $690.59$ 67,000$ 85,000$ 92,350$143,975CurrentPayments$ 2,000$ 2,742$ 2,979$ 4,509$12,230SocialSecurity TaxMedicareTaxCurrent EmployerFICA Tax13. Allen, a fiscal year taxpayer, is trying to determine the final date for submitting his tax return. His fiscalyear begins on April 1 and ends on March 31. Which of the following would be Allen's due date for filinghis tax return?a) July 15th unless the due date falls on a Saturday, Sunday, or legal holidayb) April 15th unless the due date falls on a Saturday, Sunday, or legal holidayc) The last day of the month following the end of his fiscal yeard) June 15th, unless the date falls on a Saturday, Sunday, or legal holiday

Social security tax - The social security tax for both employer and employee is 6.2%. The social…

Answered: 12. Steven owns a construction firm. He…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter12: Tax Credits And Payments

Section: Chapter Questions

Problem 28P

See similar textbooks

Similar questions

Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a dependent by her parents. She has 800 in dividends income and 1,400 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is 10,000. c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is 500, and her interest income is 125. d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions.
What is the amount of self-employment tax that would be paid by Andy for the year assuming he earned $128,100 while working as an employee of the University and another S20,000 from a sales business he owns? Select one: a. S1,190.40 b. S1,726.03 C. $535.63 d. $2,825.91 e. None of these
3. Manny's weekly wage as a welder are $520.75. He is single and claims 3 allowances. What amount is deducted for federal taxes? (
Morgan Cruise earns net self-employment income of $221,600. She works a second job from which she receives FICA taxable earnings of $111,300.00.Self-Employment tax =
Laura has self-employment income of $87,500 for the year. How much is her self-employment tax? $10,747 $11,637 $12,363 $13,387
1. Aaron owns and operates a shipping business. He had gross income of $ 345,00 and expenses totaling of $ 150,000. Calculate the amounto of self -employment tax that Aaron will be required to pay for the tax year 2020. - $ 17,075 - $ 22,297 - $ 27,553 - $ 29835
Alexander Ryan earns net self-employment income of $116,200. He works a second job from which he receives FICA taxable earnings of $53,600.Self-Employment tax =
Henrietta Jones works on Capitol Hill as a legislative assistant and to supplement her income, works as a freelance driver using an app (Lyft). In 2023, she made $ 40.000 in wages from her Capitol Hill job and made $61 ,200 from driving for Lyft (She is an independent contractor). a. What is her 1) taxable income, b. What is her 2) OBI deduction: s. How much self-employment tax does she owe; d. Please prepare draft: 1) Form 1040 Schedule C, Schedule SE and Schedule 1.
Darius' net income from self-employment reported on Schedule C is $25,000. Calculate his self-employment tax. Group of answer choices $1,766 $23,088 $3,825 $3,532
1.Ms. Evelyn is tax comiance officer at the breau of internal revenue earning monthly salary of P35,196.00. How much is Ms. Evelynis take home pay.
Matthew (32) will use the single filing status. In addition to earned income of $192, 000 from his job as a technical consultant, Matthew earned $15,000 in taxable interest income in 2021. Assuming he does not have any other income or adjustments for the tax year, what is Matthew's net investment income tax? $0 $266 $570 $836
er ork Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is self-employed and earns $165,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer Employee's Rates 7.65% on first $118,500 of 7.65% on first $118,500 paid income in wages 1.45% of income in excess 1.45% of wages paid in of $118,500 excess of $118,500 Self-Employed Rates 15.3% on first $118,500 of net profits 2.9% of net profits in excess of $118,500 The FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.) < Ques

SEE MORE QUESTIONS

Recommended textbooks for you

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SEE MORE TEXTBOOKS