PSC 5-9 Calculate Self-Employment Tax For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files tax returns under single status Remember, the IRS instruct employers to collect additional Medicare tax on all employee earnings more than $200,000 in a single year without regard to filing status NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation 1 Wanda Jennings eams net self-employment income of $73,500 She does not work a second job Self-Employment tax- 11.24550 2 Earnestine Stockwell eams net self-employment income of $108,750. She works a second job from which she receives FICA taxable eamings of $51,400 Self-Employment tax 3 Belinda Austin eams net self-employment income of $202,100 She works a second job from which she receives FICA taxable eamings of $142,100, Self-Employment tax=
PSC 5-9 Calculate Self-Employment Tax For each of the following individuals, calculate the applicable self-employment tax. Assume that each individual files tax returns under single status Remember, the IRS instruct employers to collect additional Medicare tax on all employee earnings more than $200,000 in a single year without regard to filing status NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation 1 Wanda Jennings eams net self-employment income of $73,500 She does not work a second job Self-Employment tax- 11.24550 2 Earnestine Stockwell eams net self-employment income of $108,750. She works a second job from which she receives FICA taxable eamings of $51,400 Self-Employment tax 3 Belinda Austin eams net self-employment income of $202,100 She works a second job from which she receives FICA taxable eamings of $142,100, Self-Employment tax=
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter12: Preparing Payroll Records
Section12.2: Determining Payroll Tax Withholding
Problem 1OYO
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