Question

Rasheed works for Company A, earning $395,000 in salary during 2019. Assuming he is single and...

Rasheed works for Company A, earning $395,000 in salary during 2019.

Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year? (Round your intermediate and final answer to the nearest whole dollar amount.)

Amount of FICA tax:

Homework Answers

Answer #1

Refer below solution, all the best dear!

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Rasheed works for Company A, earning $367,000 in salary during 2018. Assuming he is single and...
Rasheed works for Company A, earning $367,000 in salary during 2018. Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year? (Round your intermediate calculations to the nearest whole dollar amount.) Amount of FICA tax for 2018?
Problem 8-65 (LO 8-3) Rasheed works for Company A, earning $399,000 in salary during 2018. Assuming...
Problem 8-65 (LO 8-3) Rasheed works for Company A, earning $399,000 in salary during 2018. Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year? (Round your intermediate calculations to the nearest whole dollar amount.) ( could you please help me to answer this question)
This year, Santhosh, a single taxpayer, estimates that his tax liability will be $95,500. Last year,...
This year, Santhosh, a single taxpayer, estimates that his tax liability will be $95,500. Last year, his total tax liability was $13,500. He estimates that his tax withholding from his employer will be $33,500. a. Is Santhosh required to increase his withholding or make estimated tax payments this year to avoid the underpayment penalty?      multiple choice Yes No b. By how much, if any, must Santhosh increase his withholding and/or estimated tax payments for the year to avoid underpayment...
1.Sylvester files as a single taxpayer during 2015 and claims one personal exemption. He itemizes deductions...
1.Sylvester files as a single taxpayer during 2015 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of $9,100, real estate taxes of $2,800, state income taxes of $6,900, and interest on a home-equity loan of $2,300. Sylvester’s regular taxable income is $188,000. What is Sylvester's AMTI if he used the home-equity proceeds to purchase a car? What is Sylvester's AMTI if he used the home-equity loan proceeds to build a new garage...
Brooke, a single taxpayer, works for Company A for all of 2018, earning a salary of...
Brooke, a single taxpayer, works for Company A for all of 2018, earning a salary of $72,000. a. a. What is her FICA tax obligation for the year?
Brook a single taxpayer works for Company A for all of 2018 earnings salary of $57,000....
Brook a single taxpayer works for Company A for all of 2018 earnings salary of $57,000. What is her FICA tax obligation for the year. Assume Brook work for Company A for half of 2018, earning $57,000 in salary, and she works for Company B for the second half of 2018, earning $97,000 in salary what is Brooks FICA tax obligation for the year?______________
7-Henrich is a single taxpayer. In 2019, his taxable income is $452,000.     His $452,000 of taxable income...
7-Henrich is a single taxpayer. In 2019, his taxable income is $452,000.     His $452,000 of taxable income includes $55,000 of long-term capital gain that is taxed at preferential rates.  What is his tax liability (including the net investment income tax)? 8-Brooke works for Company A for half of 2019, earning $62,000 in salary and she works for Company B for the second half of 2019, earning $90,000 in salary. What is Brooke’s FICA tax obligation for the year?
Kyle, a single taxpayer, worked as a free-lance software engineer for the first three months of...
Kyle, a single taxpayer, worked as a free-lance software engineer for the first three months of 2019. During that time, he earned $62,000 of self-employment income. On April 1, 2019, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Inc. From April through the end of the year, Kyle earned $172,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? (Round your intermediate calculations to...
1.Steve’s tentative minimum tax (TMT) for 2019 is $242,000. What is his AMT if his regular...
1.Steve’s tentative minimum tax (TMT) for 2019 is $242,000. What is his AMT if his regular tax is $230,000? 2.Henrich is a single taxpayer. In 2019, his taxable income is $451,000.     His $451,000 of taxable income includes $55,000 of long-term capital gain that is taxed at preferential rates.  What is his tax liability (including the net investment income tax)? 3.Brooke works for Company A for half of 2019, earning $60,000 in salary and she works for Company B for the second half...
Dave and his friend Stewart each own 50 percent of KBS. During the year, Dave receives...
Dave and his friend Stewart each own 50 percent of KBS. During the year, Dave receives $50,000 compensation for services he performs for KBS during the year. He performed a significant amount of work for the entity and he was heavily involved in management decisions (he was not a passive investor in KBS). After deducting Dave’s compensation, KBS reports taxable income of $48,500. How much FICA and/or self-employment tax is Dave required to pay on his compensation and his share...