Self-employment and fica tax

Assignment Help Financial Accounting
Reference no: EM131293657

Kyle worked as a free-lance software engineer for the first three months of 2016. During that time, he earned $90,000 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 $198,000 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 $____________

Reference no: EM131293657

Questions Cloud

What tax savings do they receive from investment expense : Rich and Shauna Nielson file a joint tax return, and they itemize deductions. Assume their marginal tax rate on ordinary income is 25 percent. The Nielsons incur $2,650 in miscellaneous itemized deductions, excluding investment expenses. They also in..
Prepare the journal entries to record the sale-collections : On December 1, 2016, Lynch Incorporated sold $18,000 of merchandise with terms 2/10, n/EOM. On December 11, 2016, collections were made on sales originally billed for $12,000, and on December 31, 2016, additional collections on sales originally bille..
Compute straight-line depreciation for each year : Factor Company is planning to add a new product to its line. To manufacture this product, the company needs to buy a new machine at a $491,000 cost with an expected four-year life and a $15,000 salvage value. Compute straight-line depreciation for ea..
Admitting new partner who contributes assets : After the tangible assets have been adjusted to current market prices, the capital accounts of Brad Paulson and Drew Webster have balances of $45,000 and $60,000, respectively. Austin Neel is to be admitted to the partnership, contributing $30,000 ca..
Self-employment and fica tax : Kyle worked as a free-lance software engineer for the first three months of 2016. During that time, he earned $90,000 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..
What was cost per equivalent unit for february for material : Lumberjacks, Inc. makes wood frames. They have a single department and they use process costing (FIFO method). On January 31, they had the following costs in WIP: Material: $100,000 + Conversion: $135,000 = $235,000 There were 4,000 frames on hand at..
Companys inventory be reported on the balance sheet : A company had been selling its product for $32 per unit, but recently lowered the selling price to $21 per unit. The company's current inventory consists of 230 units purchased at $28 per unit. The market value of this inventory is currently $ $19 pe..
You think is better from a potential investor standpoint : Should stock option compensation be included as an expense when calculating an organization's net income? Explain why or why not. If so, how should the amount of expense be calculated? As an employee would you prefer to have stock options or ESPPs? W..
How much will he have in the account after four years : Matt recently deposited $25,750 in a savings account paying a guaranteed interest rate of 4.8 percent for the next 10 years. If Matt expects his marginal tax rate to be 26 percent for the next 10 years, how much interest will he earn after-tax for th..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Statements is true of financial accounting

Which of the following statements is true of financial accounting?

  In month of may lopat company inc wrote checks in the

in month of may lopat company inc. wrote checks in the amount of 37000. in june checks in amount of 50632 were written.

  What is the variable overhead rate variance

Albertville applies overhead based on direct labor hours. The variable overhead standard is 2 hours at $12 per hour. During July, Albertville spent $116,700 for variable overhead. 8,890 labor hours were used to produce 4,700 units. What is the variab..

  How much does the company have in assets

A company has Liabilities of $23,500 and Stockholders' Equity of $56,500. How much does the company have in Assets

  1 refer to the financial statements of urban outfitter in

1. refer to the financial statements of urban outfitter in appendix c at the end of this book1. how much did prepaid

  Accumulated depreciation-equipment of merchandising business

For the account "Accumulated Depreciation - Equipment" of a merchandising business, choose the answer which best describes where the account belongs on the income statement

  Smith-kline company maintains inventory

Smith-Kline Company maintains inventory records at selling prices as well as at cost.

  Account for a short-term note payable

(Learning Objective 1: Account for a short-term note payable) Gordon Sports Authority purchased inventory costing $11,000 by signing a 12% short-term note payable. The purchase occurred on July 31, 2012. Gordon pays annual interest each year on July ..

  General partner in partnership has unlimited legal liability

A general partner in a partnership has unlimited legal liability but also has managerial control over the partnership. A limited partner has limited liability but does not exercise control over the day-to-day operations. John, your client, owns a mac..

  Calculate amount of over- or under-applied overhead

Calculate the amount of over- or under-applied overhead - what is the significance of this over- or under-applied amount of overhead?

  Taxable income and tax liability

What is the total amount of itemized deductions Jan may claim on her tax return, what is Jan’s taxable income and tax liability?

  Calculate the contribution to profit from the special order

Packer Concrete Company pours concrete slabs for single-family dwellings. Wolff Construction Company, which operates outside Packer’s normal sales territory, asks Packer to pour 49 slabs for Wolff’s new development of homes. Calculate the contributio..

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