1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
When you are in a conflict that you are not passionate about, it is seen as gracious to sometimes ______.
Aleks [24]

When I am in a conflict that I am not passionate about, it is seen as gracious to sometimes nothing because it did not hurt me in any way because first and foremost, it is not my concern to start of. Conflicts maybe hard but as long as I am not affected, it does not matter.

8 0
3 years ago
Read 2 more answers
Which is the main force behind the decisions made by producers in a free-market society?
marysya [2.9K]
The profit motive

Hope this helped!
STSN
7 0
3 years ago
Read 2 more answers
A freezer manufacturer might purchase sheets of steel, wiring, shelving, and so forth, as part of its final product. This is an
Lady_Fox [76]

A BUSINESS PURPOSEL?

7 0
3 years ago
A bond had a price of $946.72 at the beginning of the year and a price of $983.73 at the end of the year. The bond's par value i
umka21 [38]

Answer:

it can will be something 11.04%

8 0
3 years ago
after a bank reconciliation is completed, journal entries are prepared for items in the balance per company's records as well as
BaLLatris [955]

'After a bank reconciliation is completed, journal entries are prepared for items in the balance per the company's records as well as items in the balance per bank statement.

This statement is False.

In accounting, bank reconciliation is the process of reconciling the bank account balances on a company's books with the balances reported by financial institutions in their most recent bank statements. You should check the difference between the two numbers and correct if necessary.

Bank reconciliation is the process of reconciling cash book data with corresponding data on bank statements. This is an important process for the CFO's office and ensures the accuracy of the accounting records.

Bank reconciliation is an important internal control tool and is necessary to prevent and detect fraud. It also helps identify accounting and banking errors by explaining the difference between cash balances on accounting records and bank balances on bank statements.

Learn more about Bank reconciliation brainly.com/question/15525383

#SPJ4

7 0
1 year ago
Other questions:
  • One way that you can create your personal brand online is to keep a____ A) Journal b)blog c) email . Not only can you post your
    15·2 answers
  • The flow of money from the markets for goods and services to the firms is called
    8·1 answer
  • A company usually determines the amount of supplies used during a period by:
    8·1 answer
  • Which of the following is another term for a planned economy?
    12·1 answer
  • Carla will graduate from her business program next month. She is happiest in jobs where she doesn’t know what will be waiting fo
    8·1 answer
  • Money for a personal loan is usually issued to the borrower
    7·2 answers
  • Because of the housing bubble, many houses are now selling for much less than their selling prices just two to three years ago.
    13·1 answer
  • What influences the behavior of employees and gives confidence to the strategic teams that make things happen?
    5·1 answer
  • A $15 cash payment is made to Starbucks to purchase coffee for a business client, a $64 cash payment is made for supplies purcha
    12·1 answer
  • Current-year North Carolina real property taxes will be prorated at the June 26 settlement. How would the $5,645 tax bill prorat
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!