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Kyle worked as a free-lance software engineer for the first three months of 2016. During that time, he earned $88,000 of self-employment income. On April 1, 2016, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Inc. From April through the end of the year, Kyle earned $204,000 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:
What would be the minimum expected return from a new capital investment project to satisfy the suppliers of the capital? Assume the applicable tax rate is 40%, interest on debt is 7%, flotation cost per share of preferred stock is $0.75, and flotatio..
Kolby’s Korndogs is looking at a new sausage system with an installed cost of $765,000. This cost will be depreciated straight-line to zero over the project’s six-year life, at the end of which the sausage system can be scrapped for $100,000.
Cole Company sells 10% bonds having a maturity value of $3,000,000 for $2,783,724. The bonds are dated January 1, 2012, and mature January 1, 2017. Interest is payable annually on January 1. Set up a schedule of interest expense and discount amortiza..
In the Cookie Company case in the last chapter, your team selected a cookie recipe for your company. In this chapter, your team will use that recipe to bake a batch of cookies, collect cost and time performance data related to the baking, create a ma..
Determining Gross Profit During the current year, merchandise is sold for $4,885,000. The cost of the merchandise sold is $3,028,700. What is the amount of the gross profit? Compute the gross profit percentage (gross profit divided by sales).
What are the three key dates for dividends? What are the journal entries, if any, for each date? What are the components of pension expense? Be sure and indicate if each component increases or decreases pension expense.
Determine the Total paid-in capital and total stockholders equity - Number of common stock shares outstanding.
If a company is practicing capital rationing, which of the following is an appropriate decision rule for a choice between two projects?
Which of the following is not a condition for reporting revenues? The customer has already paid for the good or service. The goods or services have been delivered. The price is fixed or determinable. Collection is reasonably assured.
Calculate the annual rate of return for each asset in each of the 10 preceding years, and those values to find the average annual return for each asset over the 10-year period.
Illustrate what is the amount and character of the gain Longworth will recognize on the sale if the sale proceeds were decreased to $15,000?
Two years ago, in reliance on an audit of the company's books prepared by Hambones, Inc.'s accounting firm, Able & Henderson, First State Bank made a loan to Hambones, Inc. It now appears that the audit failed to disclose financial improprieties in H..
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