Andrea is an employee of Fern Corporation and single. She also has her own business working as a life coach. For 2022, Andrea's wages from Fern were $210,000. Her self-employment income was $30,000. If required, round any computations to two decimal places. Round final answers to the nearest dollar. a. Compute the total payroll, self-employment, and additional Medicare taxes for Andrea for 2022. 14,880 X Feedback Check My Work Payroll (employment) taxes can be a significant cost for a business and its owners. Such costs can be classified into two categories: (1) FICA taxes (Social Security and Medicare) and (2) Self-employment tax. b. Assume the same facts except that Andrea's 2022 self-employment activities resulted in a loss of $15,000. Compute the total payroll, self-employment, and additional Medicare taxes for Andrea for 2022. X Feedback Check My Work Incorrect c. Compute Andrea's NIIT for 2022 using wages of $210,000, self-employment income of $30,000 and NII of $20,000. There are no expenses allocable to any investment income.

Andrea is an employee of Fern Corporation and single. She also has her own business working as a life coach. For 2022, Andrea's wages from Fern were $210,000. Her self-employment income was $30,000. If required, round any computations to two decimal places. Round final answers to the nearest dollar. a. Compute the total payroll, self-employment, and additional Medicare taxes for Andrea for 2022. 14,880 X Feedback Check My Work Payroll (employment) taxes can be a significant cost for a business and its owners. Such costs can be classified into two categories: (1) FICA taxes (Social Security and Medicare) and (2) Self-employment tax. b. Assume the same facts except that Andrea's 2022 self-employment activities resulted in a loss of $15,000. Compute the total payroll, self-employment, and additional Medicare taxes for Andrea for 2022. X Feedback Check My Work Incorrect c. Compute Andrea's NIIT for 2022 using wages of $210,000, self-employment income of $30,000 and NII of $20,000. There are no expenses allocable to any investment income.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter13: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 32CE

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