Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2021. During that time, he earned $92,000 of self-employment income. On April 1, 2021, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Incorporated From April through the end of the year, Kyle earned $192,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? (Round your intermediate calculations to the nearest whole dollar amount.) Self-employment/FICA tax

Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2021. During that time, he earned $92,000 of self-employment income. On April 1, 2021, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Incorporated From April through the end of the year, Kyle earned $192,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? (Round your intermediate calculations to the nearest whole dollar amount.) Self-employment/FICA tax

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ali and Alex Arnaud are married with no dependent children. Ali worked for Smart Tech Corporation January through March and for Computer Associates the remainder of the year. Alex completed a degree in November and immediately began as an associate with Smith and Weber. They report the following information for 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Ali’s salary from Smart Tech $ 32,000 Ali’s salary from Computer Associates 142,000 Alex's salary from Smith and Weber 15,550 Interest from savings account 700 Itemized deductions 9,000 Dividends eligible for 15% rate 2,200 Required: Compute AGI. = 192, 450 Compute taxable income. = 166550 Compute net tax liability (after credits).
Rachel is a part-time sales associate for Bob Ridings Chevrolet. She works on commission. On December 25, 2022, Rachel received $15,500 of income from commissions, plus an advance of $1,500 on future commissions. She also received a $1,350 check for expense reimbursements from her employer after turning in her receipts as part of her employer’s tuition reimbursement plan. How much taxable income should Rachel report on her 2022 return?
Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. In 2021, Betty had the following income and expenses. You may assume that Betty will owe $2,624 in self-employment tax on her salon income, with $1,312 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016. Interest income $ 14,975 Salon sales and revenue 88,760 Salaries paid to beauticians 46,550 Beauty salon supplies 23,640 Alimony paid to her ex-husband, Rocky 7,200 Rental revenue from apartment building 35,540 Depreciation on apartment building 14,100 Real estate taxes paid on apartment building 12,060 Real estate taxes paid on personal residence 6,937 Contributions to charity 5,029 a. Determine Betty's AGI. (Amounts to be deducted should be indicated by a minus sign.)
Mark has two jobs during 2018. One employer withheld and paid FICA taxes on $80,200 of Mark's salary and the other employer withheld and paid FICA taxes on $52,800 in salary paid to Mark. Calculate the amount of Mark's credit for the overpayment of Social Security taxes that he should claim on his 2018 Form 1040
Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2023. During that time, he earned $74,000 of self-employment income. On April 1, 2023, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Incorporated From April through the end of the year, Kyle earned $168,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Self-employment/FICA tax
During the year ended 30 June 2021 Preti, a resident taxpayer, received salary and wages income of $86,000 and a franked dividend of $4,800 with $1,200 of attached franking credits. She also has $5,000 of deductible work-related expenses. Her employer deducted PAYG instalments of $14,250. She has no dependents. Required: Explain how her net tax to pay or refund will be calculated. (ignore Medicare Levy)
Sharon Jones is single. During 2022, she had gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $14,000 and tax credits of $2,000. Sharon had $22,000 withheld by their employer for federal income tax. She has a tax (due/refund) rounded to the nearest whole dollar of $.
This year Lloyd, a single taxpayer, estimates that his tax liability will be $12,100. Last year, his total tax liability was $16,400. He estimates that his tax withholding from his employer will be $9,130. Required: How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty? Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short-term rate is 5 percent.
Mahmet earned wages of $148,800 during 2022. Mahmet qualifies to file as head of household and claims two dependents under the age of 17. How much FICA tax is Mahmet's employer responsible to remit in 2022?
Ali and Alex Arnaud are married with no dependent children. Ali worked for Smart Tech Corporation January through March and for Computer Associates the remainder of the year. Alex completed a degree in November and immediately began as an associate with Smith and Weber. They report the following information for 2022. Use Individual Tax Rate Schedules and Standard Deduction Table.Alis salary from Smart Tech$ 32,000Alis salary from Computer Associates 142, 000Alex's salary from Smith and Weber15, 550 Interest from savings account700ltemized deductions9, 000Dividends eligible for 15% rate2, 200 Required:Compute AGI.Compute taxable income.Compute net tax liability (after credits).
Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2023. During that time, he earned $86,000 of self-employment income. On April 1, 2023, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Incorporated From April through the end of the year, Kyle earned $206,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Answer is complete but not entirely correct. S 15,711 Self-employment/FICA tax
Chanda is employed in a local accounting company (ABC accounting) that specialises in providing tax return to individuals. On 1st April, 2020 ABC provided a car for Chanda to use both for business and private purposes. ABC Purchased the car on 1st January, 2020 for the amount of $28,000. During the year, repairs and maintenance costs amounted to $2,000. Chanda contributes $1,000 towards the cost. Required: Please calculate the fringe benefits taxable (FBT) amount for the car using the statutory method in this case for the FBT year 2020-2021.