Question: help me study please and i will give a good rating! Adam Fleeman, a skilled carpenter, started a home improvement business with Tom Collins, a

help me study please and i will give a good rating!

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 $ corporation and each earns a salary of $76,000 from the corporation; In addition, they expect their share of business profits to be $69,250 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.)

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