Based on the current year tax tables, what is Cory and Kassidy's applicable federal, FICA, and self-employment taxes?

 

Note 1: State tax = (AGI - standard deduction) x 6%

Note 2: Although state tax is calculated using the standard deduction, federal tax may differ if they take itemized deductions and the QBI deduction.

Note 3: Employee 401(k) contributions reduce Cory's income for federal & state purposes, but not for FICA tax purposes.

 

The website will not allow the upload of the document. The document/case study can be located on the Course Hero website. The link is: 

https://www.coursehero.com/smart-scan/305100588/file/

Answer rating: 100% (QA)

Based on the income information provided in the Coleman family case study available at the given URL ... View the full answer