compensation_types_FICA - 92,350 18,470 18,470...

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Source of income (a) (b) (c) (d) (e) Wages 100,000 100,000 150,000 150,000 Schedule C /self-employment income 100,000 20,000 20,000 Compensation subject to FICA 100,000 100,000 150,000 150,000 Social security tax base - 2010 106,800 106,800 106,800 106,800 Compensation subject to SS tax 100,000 100,000 106,800 106,800 x Social security tax rate 6.20% 6.20% 6.20% 6.20% Social security tax 6,200 6,200 6,622 6,622 Compensation subject to Medicare tax 100,000 100,000 150,000 150,000 x Medicare tax rate 1.45% 1.45% 1.45% 1.45% Medicare tax 1,450 1,450 2,175 2,175 Self-employment income 100,000 20,000 20,000 x Net earnings from self-employment percentage 92.35% 92.35% 92.35% Net earnings from self-employment
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Unformatted text preview: 92,350 18,470 18,470 Self-employment income subject to FICA 92,350 6,800 x Social security rate on self-employment earnings 12.40% 12.40% 12.40% Social security portion of self-employment tax 11,451 843 Net earnings from self-employment 92,350 18,470 18,470 x Medicare tax rate on self-employment earnings 2.90% 2.90% 2.90% Medicare portion of self-employment tax 2,678 536 536 Total FICA taxes 7,650 7,650 8,797 8,797 Total self-employment taxes 14,130 1,379 536 Total FICA/self-employment taxes 14,130 7,650 9,029 8,797 9,332 Interaction of FICA taxes and self-employment taxes...
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