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 you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Net income $ 15,500 Cash dividends paid to stockholders 3,600 Cash proceeds from sale of land 3,800 Cash proceeds from bank loan 9,800 Cash payment (principal) on bank loan 2,700 Cash paid to purchase equipment 7,200 The company would report net
Answers (1)
An information security analyst needs to work with an employee who can answer questions about how data for a specific system is used in the business. The analyst should seek out an employee who has the role of:
Answers (1)
Intel Corporation reported the following in its 2016 financial statements (in millions) : December 31 2016 2015 Total assets $113,327 $101,459 Revenues 59,387 55,355 Research and development 12,740 12,128 Net income 10,316 11,420What is the
Answers (1)
Will give Brainliest! What is the down payment on a home that costs $265,000, financed for 30 years at an interest rate of 3.73%?
Answers (1)
During the taking of its physical inventory on August 31, 2019, Kate Interiors Company incorrectly counted its inventory as $366,900 instead of the correct amount of $378,500.
Answers (1)
New Questions in Business
Green Frog is an environmentally friendly firm in the cosmetics industry that has decided to undertake a strategic planning project.
Answers (1)
Mike and Sara are both from the same country and share the same culture. The communication that takes place between them would be classified as: a. intracultural communication. b. intrapersonal communication. c. ethnocentric communication. d.
Answers (1)
With a traditional savings account, you could be charged a fee if: AYou deposit too much money at once BYou open an account online CYou withdraw money too often DYou close the account
Answers (1)
Most communication roadblocks are associated with which type of communication style? Assertive Passive Passive aggressive Aggressive
Answers (2)
Southland Company is preparing a cash budget for August. The company has $17,000 cash at the beginning of August and anticipates $120,000 in cash receipts and $130,000 in cash disbursements during August.
Answers (1)