Determine taxpayer fica tax liability for the year

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Q1) Taxpayer is single and earns no income other than $133,000 in salary from his employer. Determine Taxpayer's FICA tax liability for the year? You may round your final answer to the nearest dollar. (for the tax year 2019)

Q2) Taxpayer, who is single, purchased 350 shares of XYZ Corporation in January 2015 at a cost of $30 per share (total cost of $10,500). On 15 December 2019, Taxpayer sold all 350 shares for a price of $22 per shares (total sales price of $7,700). By 10 January 2020, market conditions had changed, and Taxpayer decided to purchase another 350 shares of XYZ Corporation at a cost of $23 per share (total cost of $8,050). Determine Taxpayer's basis in the 350 shares acquired in January of 2020. ( for the tax year 2019)

Reference no: EM132571609

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