How much FICA tax must the sole proprietorship pay on wages

Assignment Help Accounting Basics
Reference no: EM131797671

Question - James owns a sole proprietorship. James pays his son Albert, age 17, $8,000 and his daughter Chloe, age 19, $11,000 for their work in the business. Both wages are reasonable for the work they perform. How much FICA tax must the sole proprietorship pay on the wages?

a. 0

b. $612

c. $842

d. $1,454

Reference no: EM131797671

Questions Cloud

Calculate electricity bill with person name : Write c++ programm calculate electricity bill with person name, use, id
Shows a victimization rate : A survey shows that 10% of the population is victimized by property crime each year. A random sample of 527 older citizens (65 years or more of age).
How much accumulated in sosas deferred compensation account : How much has accumulated in Sosa's deferred compensation account? How much Sosa be able to withdraw at beginning of each year if he elects to receive payments.
Nonviolent crimes in a state prison system : A random sample of 113 felons convicted of nonviolent crimes in a state prison system completed a program designed to improve their education.
How much FICA tax must the sole proprietorship pay on wages : Both wages are reasonable for the work they perform. How much FICA tax must the sole proprietorship pay on the wages
How much of own miney have used : How much of your own miney have you used? And after suprisingly horrible earnings news the price of GOOG shares falls to $30 per share. What is your margin now?
Summarize your conclusions in a sentence or two : In a random sample of 150 urban precincts, 49% of the voters rejected the proposal. Is the difference significant? Summarize your conclusions in a sentence
Find the variable cost per unit and fixed cost per unit : Paradise Pottery had the following costs in May when production is 800 ceramic pots: materials, $8,700; The variable cost per unit and fixed cost per unit are
Write a sentence or two interpreting your decision : Are the local arrest rates significantly different from the statewide rate? Write a sentence or two interpreting your decision.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the annual breakeven number of meals

Steve and Linda Hom live in Bartlesville, Oklahoma. Compute the annual breakeven number of meals and sales revenue for the restaurant

  Fallen capitalize for intangible assets

During the year, Fallen spent $7,500 on product development and paid $10,000 in continuing franchise fees. What amount should Fallen capitalize for intangible assets in 2010?

  What are some of the objectives of a pricing policy

Why is a pricing policy important and what are some of the objectives of a pricing policy? How does a pricing policy help companies differentiate their brands from their competitors?

  Making a cash budget-expected inventories of supplies

Tom and Lynda own Hercules Health Club. They provide the following information regarding their expected inventories of supplies and other materials.

  What effect will reclassifying a long term investment into

what effect will reclassifying a long term investment into cash within one year have on the current ratio? is a firms

  Present the various social, ethical, economic

This thesis tries to present the various social, ethical, economic, legal, environmental, and other appropriate societal concerns, including the potential use of nanotechnology in manufacturing and in developing artificial intelligence.

  Project fund for gaap purposes

When should a capital projects fund be used by a governmental entity? Is it mandatory that a governmental entity use a capital project fund for GAAP purposes?

  Prepare the adjusting entries at march

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.

  Which of the types of risk increases when an auditor

which of the types of risk increases when an auditor performs substantive analytical procedures for financial statement

  What amount will be reported as depreciation expense

Assume that Zollinger uses the DOUBLE-DECLINING balance method for calculating depreciation. What amount will be reported as "Depreciation Expense"

  Analyze each transaction and show the accounts affected by

analyze each transaction and show the accounts affected by entering the corresponding numbers in the appropriate debit

  The can division of fruit products inc manufactures and

the can division of fruit products inc. manufactures and sells tin cans externally for 0.30 per can. its unit variable

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd