Stew is a self-employed surfboard-maker in 2014. His Schedule C net income is $104,000 for the year. He also has a part-time job and earns $8,500 in wages subject to FICA taxes. Calculate Stew’s self-employment tax for 2014 using Schedule SE on Pages 9-47 and 9-48.
Answer to relevant QuestionsThomas is an employer with one employee, Sarah. Sarah’s wages are $19,450, and the state unemployment tax rate is 5.4 percent. Calculate the following amounts for Thomas: a. FUTA tax before the state tax credit $ b. ...Big Bull restaurant employs twenty-three employees who receive tips. During the current year, Big Bull has $410,000 in gross revenues, and its employees do not report any tip income. In what ways may the restaurant allocate ...Multiple choice Questions: 1. Which of the following is not a partnership for tax purposes? a. Willis and James purchase and operate a shoe store. b. Sharon and Gary operate an accounting practice together. c. Lillian and ...Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social Security number 466-74-9932) are partners in a partnership that owns and operates a barber shop. The partnership’s first year of operation is ...Olive Corporation was formed and began operations on January 1, 2014. The corporation’s income statement for the year and the balance sheet at year-end are presented below. The corporation made estimated tax payments of ...
Post your question