What amount of fica taxes-self employment-employment related

Assignment Help Financial Accounting
Reference no: EM131293751

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.)

a) Self-employment/FICA Tax $______________

Reference no: EM131293751

Questions Cloud

Characteristics of the five basic modes of transportation : Compare and contrast the operating characteristics of the five basic modes of transportation. Define the roles and responsibilities of the participants or parties of the transportation system.
What is the maximum power output per unit mass flow rate : What is the maximum allowable turbine inlet pressure if the flow is adiabatic and reversible?- What is the maximum power output per unit mass flow rate?
Basis for international business-level strategies : What four factors are determinants of national advantage and serve as a basis for international business-level strategies?
Analyze hr metrics to support the justification of the cost : Analyze HR metrics to support the justification of the cost of an HRIS. Create a project management plan and prepare the organization for the implementation.
What amount of fica taxes-self employment-employment related : 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. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year?
Calculate the rate and cost to transport a piece : Using an online rate calculator of your choice, calculate the rate and cost to transport a piece of cargo between two different locations on a major carrier. Provide your data and evaluate your experience using the tool. Be sure to include the Int..
What is the steam mass flow rate in the system : What is its thermal efficiency?- What is the steam mass flow rate in this system?- What is its thermal efficiency if it is operated on a Carnot cycle?
Consolidated statement of earnings : Consolidated Statement of Earnings. Prepare common-size income statements for fiscal years 2014. Prepare a pro forma income statement for the ?scal year 2015.
How did management handle the crisis : 1. What was the outcome of the BP oil spill in April 20th 2010 2. How did management handle the crisis?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the average gain of the company per policy

An insurance company offers a policy for a $100,000 in the case of death during a calendar year for its young customers. The cost of the policy is $250. If a young customer does not survive a calendar year with probability 0.0017 what is the average ..

  Determine the total manufacturing costs assigned

Thunderbird uses a job-order cost system and applies factory overhead to production orders on the basis of direct labor costs. The overhead rates for '19x9 are 200 percent for Department A and 50 percent for Department B.

  Service attributes be influenced by management

How might product or service attributes be influenced by management? What other decisions made by management might influence cost behavior?

  Prepare entries using t account to record given transactions

Prepare entries using T accounts to record the above transactions. Prepare the stockholders' equity section of Canterbury's balance sheet on November 30, 2014. Net income for the quarter was $80,000.

  Calculate the annualised return on investment

Calculate the annualised Return on Investment achieved by each of the process divisions during April 2010. - Discuss the suitability of this performance measure in the context of the data provided for each process division.

  Prepare retained earnings statement for fiscal year ended

Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 2016: Prepare a retained earnings statement for the fiscal year ended January 31, 2016. Refer to the lists of Labels and Amount..

  Companies are required to assign each category of securities

De?ne each of these categories of securities and discuss the accounting treatment for each category. Discuss how companies are required to assign each category of securities into its current and noncurrent portions.

  Statements concerning custodial accounts

All of the following statements concerning custodial accounts are correct, except:

  Will the bonds be priced at maturity-premium or discount

Assume that on April 1,2008, Roland Corp. issues 8%, 10-year bonds payable with a maturity value of $400,000. The bonds pay interest on March 31 and September 30, and Roland amortizes any premium and discount by the straight-line method.

  What do you estimate as the fair market value for this stock

A stock just paid an annual dividend of $2.50 per share yesterday (assume the stock pays dividends once per year). You project that the stock’s 3-year growth rate in dividends will be 8% per year. -Based on a dividend discount model, what do you esti..

  Tax consequences to a and b from the first year of operation

Create AB partnership's balance sheet as of formation on January 1, 2015 in including partners' basis and capital accounts.-

  Comprehensive variance analysis

Timmer Bachman founded the Bachman Corporation over 25 years ago. The company's genesis was spurred by the unique climbing apparatus developed by Timmer, an avid mountaineer. Bachman Corporation has continued to produce that first product, but it has..

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