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In 2020, the amount of FICA (Social Security) amount due is_6.2_% on the first $137,700 earned for the calendar year. In2020, the amount of Medicare due is_0.9%_on all wages earned for the calendar year. Use the Worksheet Below to Calculate the Social Security and Medicare expenses due for each Self Employed Business Owner. Annual Wages Earned Annual Social Security Due Annual Medicare Contribution Due 1 $ 10,650 $25,500 $5,500 $18,300 $20,300 $120,000 $140,000 $225,000 $8,500 $257,000 2 3 4 5 7 8 10 Calculate: Self-Employed Taxes Owe for Business Owners. Use the Tax Table (brackets) to calculate the amount of Taxes each Business Owner will have to pay. MARRIED FILING so - $19,400 HEAD OF RATE SINGLE HOUSEHOL So - $13,850 10% SO - $9,700 12% $9,700 s39,475 $19,400 $78,950 $13,850 $52,850 22% S39,475 - S84,200 S78,950 - $168,400 $52,850 - S84,200 24% S84,200 - $160,725 S160,400 - $321,450 s84,200 - $160,700 S160,725 - $204,100 S321,450 - $408,200 S160,700 - $204,100 32% 35% $204,100 - $510,300 S408.200 - $612,350 $204,100o - $510,300 37% Mare than $510,300 More than $612,3so More than $510,300

In 2020, the amount of FICA (Social Security) amount due is_6.2_% on the first $137,700 earned for the calendar year. In2020, the amount of Medicare due is_0.9%_on all wages earned for the calendar year. Use the Worksheet Below to Calculate the Social Security and Medicare expenses due for each Self Employed Business Owner. Annual Wages Earned Annual Social Security Due Annual Medicare Contribution Due 1 $ 10,650 $25,500 $5,500 $18,300 $20,300 $120,000 $140,000 $225,000 $8,500 $257,000 2 3 4 5 7 8 10 Calculate: Self-Employed Taxes Owe for Business Owners. Use the Tax Table (brackets) to calculate the amount of Taxes each Business Owner will have to pay. MARRIED FILING so - $19,400 HEAD OF RATE SINGLE HOUSEHOL So - $13,850 10% SO - $9,700 12% $9,700 s39,475 $19,400 $78,950 $13,850 $52,850 22% S39,475 - S84,200 S78,950 - $168,400 $52,850 - S84,200 24% S84,200 - $160,725 S160,400 - $321,450 s84,200 - $160,700 S160,725 - $204,100 S321,450 - $408,200 S160,700 - $204,100 32% 35% $204,100 - $510,300 S408.200 - $612,350 $204,100o - $510,300 37% Mare than $510,300 More than $612,3so More than $510,300

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In 2020, the amount of FICA (Social Security) amount due is_6.2_% on the first $137,700 earned for the calendar year. In2020, the amount of Medicare due is_0.9%_on all wages earned for the calendar year. Use the Worksheet Below to Calculate the Social Security and Medicare expenses due for each Self Employed Business Owner. Annual Wages Earned Annual Social Security Due Annual Medicare Contribution Due 1 $ 10,650 $25,500 $5,500 $18,300 $20,300 $120,000 $140,000 $225,000 $8,500 $257,000 2 3 4 5 7 8 10 Calculate: Self-Employed Taxes Owe for Business Owners. Use the Tax Table (brackets) to calculate the amount of Taxes each Business Owner will have to pay. MARRIED FILING so - $19,400 HEAD OF RATE SINGLE HOUSEHOL So - $13,850 10% SO - $9,700 12% $9,700 s39,475 $19,400 $78,950 $13,850 $52,850 22% S39,475 - S84,200 S78,950 - $168,400 $52,850 - S84,200 24% S84,200 - $160,725 S160,400 - $321,450 s84,200 - $160,700 S160,725 - $204,100 S321,450 - $408,200 S160,700 - $204,100 32% 35% $204,100 - $510,300 S408.200 - $612,350 $204,100o - $510,300 37% Mare than $510,300 More than $612,3so More than $510,300
Transcribed Image Text:In 2020, the amount of FICA (Social Security) amount due is_6.2_% on the first $137,700 earned for the calendar year. In2020, the amount of Medicare due is_0.9%_on all wages earned for the calendar year. Use the Worksheet Below to Calculate the Social Security and Medicare expenses due for each Self Employed Business Owner. Annual Wages Earned Annual Social Security Due Annual Medicare Contribution Due 1 $ 10,650 $25,500 $5,500 $18,300 $20,300 $120,000 $140,000 $225,000 $8,500 $257,000 2 3 4 5 7 8 10 Calculate: Self-Employed Taxes Owe for Business Owners. Use the Tax Table (brackets) to calculate the amount of Taxes each Business Owner will have to pay. MARRIED FILING so - $19,400 HEAD OF RATE SINGLE HOUSEHOL So - $13,850 10% SO - $9,700 12% $9,700 s39,475 $19,400 $78,950 $13,850 $52,850 22% S39,475 - S84,200 S78,950 - $168,400 $52,850 - S84,200 24% S84,200 - $160,725 S160,400 - $321,450 s84,200 - $160,700 S160,725 - $204,100 S321,450 - $408,200 S160,700 - $204,100 32% 35% $204,100 - $510,300 S408.200 - $612,350 $204,100o - $510,300 37% Mare than $510,300 More than $612,3so More than $510,300
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