What amount of FICA taxes does Kyle owe for the year

Assignment Help Accounting Basics
Reference no: EM132850012

Question - Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2020. During that time, he earned $80,000 of self-employment income. On April 1, 2020, 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 $158,000 in salary. Assume CARES Act applies. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year?

Reference no: EM132850012

Questions Cloud

Determine the needs of higher management prior to the data : Determine the needs of higher management prior to the data collection. The final reported risk assessment and BIA must address those needs to be of value.
Determine the Sheffield contribution margin ratio : Sheffield Company has sales of $510000, variable costs of $414630, and fixed costs of $20000. Determine the Sheffield's contribution margin ratio
Why do you think that type of topology was chosen : What types of networks do you have in-home or workplace? Why do you think that type of topology was chosen?
Explain and describe the parity flag : What is the difference between an instructional pointer and the flags register? What is the difference between stack pointer and the system stack?
What amount of FICA taxes does Kyle owe for the year : Assume CARES Act applies. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year
Analyze ethical challenges and possible mitigation strategy : Select material from readings in the course that most informed your perspective on qualitative research and analyze their influence on your perspective.
What is Penny return on owning this stock : If Penny bought a stock for $80 dollars and could sell it 15 years later for 4 times what she originally paid, what is Penny's return on owning this stock
Compute the gross profit recognized during the year : On January 1, 2014, Beckwith Co. obtained a contract to construct a building. Compute the gross profit recognized during the year
Discuss ethical challenges associated with step in design : Describing limitations of the study design, and presenting a full accounting of the analysis are also key elements in conducting ethical research.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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