Question: Check my work Problem 22-62 (LO 22-4) (Algo) Adam Fleeman, a skilled carpenter, started a home improvement business with Tom Collins, a master plumber. Adam

Check my work Problem 22-62 (LO 22-4) (Algo) Adam Fleeman, a skilled carpenter, started a home improvement business with Tom Collins, a master plumber. Adam and Tom are concerned about the payroll taxes they will have to pay, Assume they form an S corporation and each earns a salary of $86,000 from the corporation; in addition, they expect their share of business profits to be $63,250 each. How much Social Security tax and Medicare tax (or self-employment tax) will Adam, Tom, and their corporation have to pay on their salary and profits? (Assume Adam and Tom are paying themselves reasonable salaries) Adam Tomi 5 corporation FICA Tax Prev 1 of 1 Next>>

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