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?
Get 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 there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The principal-agent problem occurs when A. a firm's shareholders fulfill their own interest rather than the interests of top management. B. the principal gives an agent conflicting objectives which the agent is unable to fulfill. C.
Answers (1)
In 2012, the city of Miketown collected $250,000 in taxes and spent $350,000. In 2012, the city of Miketown had a A) budget surplus of $100,000. B) budget surplus of 57%. C) budget deficit of $100,000. D) budget deficit of $200,000.
Answers (1)
In what way do Vision Spring and Warby Parker participate in corporate social responsibility?
Answers (1)
Assume that China imports a significant amount of coffee beans from Vietnam. Which trading bloc would reduce trade barriers between China and Vietnam? a) CAFTA-DRb) EUc) Mercosurd) NAFTAe) ASEAN
Answers (1)
Monica starts a mutual fund with $500 and adds $500 to her mutual fund every year for another nine years. Mason decides to wait 10 years so he can save up a lump sum of $5,000 to invest at one time in a mutual fund.
Answers (1)
New Questions in Business
Put the Procurement to Payment process steps in order of occurence: 1. Vendor Payment 2. Create and send Purchase Order to vendor 3. Create purchase requisition 4. Vendor Selection 5. Shipment ot item ordered from vendor 6. Invoice receipt 7.
Answers (1)
Measuring the price of gasoline in dollars, an economist calculates the price elasticity of demand to be -.5. What would the price elasticity of demand be if the economist had chosen to measure the price of gasoline in pennies rather than dollars? A.
Answers (1)
If the consumption function is C = 100 + 0.75Y and planned investment spending is 500 , what will be the equilibrium level of output? Ye = $ nothing. (Enter your response as an integer.)
Answers (1)
An online medicaladvice company just completed an IPO with an investment bank on a firm-commitment basis. The firm issued 5 million shares of common stock, and the underwriting fees were $2.10 per share. The offering price was $27.90 per share.
Answers (1)
Which of the following is an example of how the principle of beneficence can be applied to a study employing human subjects? Ensuring that the selection of subjects includes people from all segments of the population.
Answers (1)