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 $90,000 from the corporation; in addition, they expect their share of business profits to be $76,750 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?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Adam Fleeman, a skilled carpenter, started a home improvement business with Tom Collins, a master plumber. Adam and Tom are concerned about ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
What is delinquency? How does this affect your credit score?
Answers (1)
An organization mandates that all attempts by traders to use the Internet should be logged, and that each trader's log should be reviewed by a manager at least monthly to ensure compliance. What questions concerning security is being addressed?
Answers (2)
Farah is one of a handful of permanent employees at an e-retailing company that has little to no formal structure. Depending on the situation, temporary workers are hired and facilities are leased. Support services are outsourced to other firms.
Answers (1)
The initials GAAP stand for a. general accounting procedures b. generally accepted accounting principles c. generally accepted accounting practices d. generally accepted plans
Answers (1)
Earned $16,200 of cash revenue. Borrowed $12,000 cash from the bank. Adjusted the accounting records to recognize accrued interest expense on the bank note.
Answers (1)
New Questions in Business
Which of the following statements is true? (A) A test with a high cost may also be high value. (B) A test with a low cost is always of low value. (C) Cost and value have the same definition. (D) None of the above
Answers (1)
Which term refers to the practice of revaluing an acquired subsidiary's assets and liabilities to their fair values directly on that subsidiary's books at the date of acquisition?
Answers (1)
Supply-side market failures occur because it is impossible in certain cases for sellers to charge consumers what they are willing to pay for a product. a. True b. False
Answers (1)
A fee is paid a. for each overdraft. c. monthly to have overdraft. b. for the first overdraft. d. annually to have overdraft.
Answers (1)
With a traditional savings account, you could be charged a fee if: You open an account online You close the account You deposit too much money at once You withdraw money too often
Answers (1)