alculate the total Social Security and Medicare tax burden on a sole proprietorship earning 2019 profit of $300,000, assuming a single sole proprietor with no other earned income

Use the 2021 tax rates to find Social Security and Medicare deductions for the following problem. Philip earned $1589 last week, and had year-to-date earnings of $108,894 for the year.

: If an individual whose filing status is single earns $256,000 during the year, what portion of the earnings are subject to Additional Medicare Tax, and what is the total (standard and Additional) Medicare Tax rate that will be applied to these earnings? Answer:   A.    $6,000 and 0.9%     B.    $6,000 and 2.35%     C.    $56,000 and 0.9%     D.    $56,000 and 2.35%

Reese works in Prince Edward Island and has 2022 payroll totals of regular earnings of $62,700.00, vacation pay of $2,680.00, overtime pay of $518.00, interest-free loan taxable benefit of $780.00, group term life insurance taxable benefit of $314.00, pension adjustment of $2,880.00 and employee contributions to a Registered Retirement Savings Plan of $1,890.00. Calculate the total to be recorded in Box 14 of Reese's T4 information slip. Your answer: 66992

Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not self-employed and earns $128,000, what are the taxpayer's FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $142,800 of 7.65% on first $142,800 paid 15.3% on first $142,800 of net income profits in wages 1.45% of income in excess of $142,800 1.45% of wages paid in excess of $142,800 2.9% of net profits in excess of $142,800 The taxpayer's FICA taxes are $ (Round to the nearest cent as needed.)

In 2023, a taxpayer who paid $16,500 of self-employment tax would deduct $ deduction. of the tax as a (for/from) I AGI

Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all instances, the individual is self-employed, and the self-employment tax reduction has already been taken. Required: Self-employment income of $62,400. Self-employment income of $62,400 and wage income of $33,500. Self-employment income of $140,000. Self-employment income of $322,000.

Godo

For each employee listed, use both the wage-bracket method and the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4.  1: Michael Daugherty (married; 5 federal withholding allowances) earned weekly gross pay of $875. For each period, he makes a 403(b) retirement plan contribution of 14% of gross pay.Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $

Give typing answer with explanation and conclusion