Question: Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2023. During that time, he earned $50,000 of self-employment

Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2023. During that time, he earned $50,000 of self-employment income. On April 1, 2023, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Incorporated From April through the end of the year, Kyle earned $196,000 in salary.

What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year?

Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To calculate the FICA taxes that Kyle owes for the year we need to consider both the selfemployment ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Refer to the following observations for stock A and the market portfolio in the table: Month 1 2 3 4 5 6 Stock A 0,30 0.24 -0,04 0.10 0.06 0.10 Rate of return Market portfolio 0,12 0,08 -0,10 -0.02...

Part 1: Compute overhead and gross margin using traditional costing Per unit Selling price Part 271 31.86 Part 342 24 Product cost Prime costs 9.53 8.26 Overhead 12.83 5.77 Total product cost 22.36...

Indicate the adjustment amount required in calculating business income for tax purposes with respect to the following accounting deductions. Show by way of 0 any item that does not require...

Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2023. During that time, he earned $86,000 of self-employment income. On April 1, 2023, Kyle took a job...

Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2022 . During that time, he earned $60,000 of self-employment income. On April 1, 2022, Kyle took a job...

c. Laureen's AGI is $45,000 and Laureen paid $12,500 (not $1,950) for Ryan to attend graduate school (i.e., his fifth year, not his junior year). Credits Description American opportunity tax credit...

Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2 0 2 4 . During that time, he earned $ 8 6 , 0 0 0 of self - employment income. On April 1 , 2 0 2 4 ,...

Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2022. During that time, he earned $50,000 of self-employment income. On April 1, 2022, Kyle took a job...

HELP WILL GIVE THUMBS UP !!!!! 7. Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2023. During that time, he earned $90,000 of self-employment income....

Kyle, a single taxpayer, worked as a free-lance software engineer for the first three months of 2018. During that time, he earned $44,000 of self-employment income. On April 1, 2018, Kyle took a job...

The following information is available for the first month of operation of Makin' It., a manufacturer of arts and craft items: Sales - $375,000 Gross Profit - $120,000 Indirect labor - $30,000...

List and describe some of the major factors and information sources typically used in sales forecasting.

Price fluctuations in commodities can have significant consequences for companies, especially if the fluctuation involves a prime raw material for a company. Different companies will adopt different...

An open FWH receives steam at 1 MPa, 200C from the turbine and 1 MPa, 100C water from the feedwater line. Find the required fraction of the extraction flow in the turbine.

An open FWH receives steam at 150 psia, 400 F from the turbine and 1150 psia, 200 F water from the feedwater line. Find the required fraction of the extraction flow in the turbine.

The owner of Bun N Run Hamburgers wishes to compare the sales per day at two locations. The mean number sold for 10 randomly selected days at the Northside site was 83.55, and the standard deviation...

Prepare an estate tax return (Form 706) for Adam Zugg of 45 Cornfield Place, Midwest City, IL 60000. Adam died October 31, 2017. He was survived by his wife, Callie, and their son, Zebulon. At the...

Do Programming Project 17 from Chapter 4, the Edoc calculator, except use a recursive function to calculate or help you calculate the maximum amount of experience points you can earn. Project 17 from...

Who can create a condominium in Georgia? Unset starred question A corporation A limited liability company A private individual A real estate licensee

Abigail, Bobby, and Claudia are equal owners in Lafter, an S corporation that was a C corporation several years ago. While Abigail and Bobby actively participate in running the company, Claudia has a...

For the current year, CCP, Inc. received the following interest income: $12,000 interest from Irvine City bonds: Bonds issued in 2014 and proceeds used to fund public schools. $20,000 interest from...

Paolo is a 50% partner in the Capri Partnership and has decided to terminate his partnership interest. Paolo is considering two options as potential exit strategies. The first is to sell his...

Flexible budgeting OBJ. 2 At the beginning of the period, the Fabricating Department budgeted direct labor of $9,280 and equipment depreciation of $2,300 for 640 hours of production. The department...

=+15. Automated electron backscattered diffraction is now being used in the study of fracture phenomena. The following information on misorientation angle (degrees) was extracted from the article...

Production budget OBJ. 4 Magnolia Candle Inc. projected sales of 75,000 candles for 2016. The estimated January 1, 2016, inventory is 3,500 units, and the desired December 31, 2016, inventory is...