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swat32
3 years ago
12

Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2021. During that time, he earned

$44,000 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 $178,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year
Business
1 answer:
laila [671]3 years ago
4 0

The total amount of FICA Taxes (self-employment and employment related) that Kyle owes for 2021 is $17,181.

Data and Calculations:

Kyle = single taxpayer

Self-employment income for three months = $44,000

Employment income for nine months = $178,000

Total income for 2021 = $222,000

FICA taxes:

Social Security tax = $13,764 ($222,000 x 6.2%)

Medicare tax = $3,219 ($222,000 x 1.45%)

Additional Medicare tax  = $198 ($22,000 x 0.9%) ($222,000 - $200,000)

Total FICA taxes = $17,181 ($13,764 + $3,219 + $198)

Thus, Kyle's total FICA taxes for 2021 is $17,181.

Learn more about calculating FICA taxes at brainly.com/question/21750517

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Loan x has a principal of $10,000x and a yearly simple interest rate of 4%. Loan y has a principal of $10,000y and a yearly simp
Ganezh [65]

Answer:

X = 32

Y = 96

Explanation:

Z = 5%

Z = (0.04X + 0.08Y) / (X + Y)

we can substitute Z:

0.05 = (0.04X + 0.08Y) / (X + Y)

0.05 (X + Y) = 0.04X + 0.08Y

0.05X + 0.05Y = 0.04X + 0.08Y

0.01X = 0.03Y

X = 0.03Y / 0.01 = 3Y

This means that we must choose one value for Y that divided by 3 equals another option:

the only possibility that fits the equation is:

  • X = 32
  • Y = 96
4 0
3 years ago
The ratio of a country's exports to its total output (GNP or GDP) Select one: a. is known as the index of openness. b. provides
AlexFokin [52]

Answer:

1. d. All of the above are true.

2. c. GDP refers to production within the nation while GNP refers to production by domestic factors no matter where they are located.

Explanation:

1. The ratio of country's exports to GDP is known as trade-to-GDP ratio or the index of openness. This ratio main objective is to measures the importance of international trade in an economy and its usually remain high for developing countries.

2. The only difference between GDP and GNP is that of net factor income from abroad. While GDP only takes into account production of goods and services within the country's borders; GNP takes into account production of all economy owned identities, no matter where they are located.

5 0
3 years ago
Can a server be too attentive to their patrons? Explain.
Vedmedyk [2.9K]
Yes, hovering over customers can make them feel uncomfortable in, for example, having a conversation because of another set of ears listening and constantly being interrupted
3 0
3 years ago
The research and development team will gather important information by first using ________ data.
LuckyWell [14K]

Answer:

secondary data

Explanation:

Secondary data refers to the information or data that have been already gathered by and promptly accessible from different sources. Such information are less expensive and more rapidly possible than the primary data or information and furthermore might be accessible when primary data can not be acquired at all. Common sources of existing secondary data or information incorporate information gathered by government open administrations divisions, libraries, web seeks and censuses, for example, the United States Census. Organizations utilize statistical surveying to draw on existing data from online networking as a source of secondary data.

6 0
2 years ago
Julio receives utility from consuming food​ (F) and clothing​ (C) as given by the utility function . In​ addition, the price of
AleksandrR [38]

​Julio's marginal rate of substitution equals is: 0.38, which is the price of food divided by the price of clothing.

<h3>Marginal rate of substitution</h3>

Using this formula

Marginal rate of substitution=Price of food/Price of clothing

Let plug in the formula

Marginal rate of substitution=$3 per unit/$8 per unit

Marginal rate of substitution=0.375

Marginal rate of substitution=0.38 (Approximately)

Therefore ​Julio's marginal rate of substitution equals is: 0.38, which is the price of food divided by the price of clothing.

Learn more about  marginal rate of substitution here:brainly.com/question/13401044

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6 0
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