Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. lexa, a single taxpayer, worked as an employee dur

Lexa, a single taxpayer, worked as an employee during the first half of the year,...

50.1K

Verified Solution

Question

Accounting

Lexa, a single taxpayer, worked as an employee during the first half of the year, earning $65,000 of salary. Lexas employer withheld $4,030 of Social Security tax, $943 of Medicare tax, and $0 of additional Medicare tax. In the second half of the year, she was self-employed and she reported $180,000 of self-employment income on her Schedule C. What amount of self-employment taxes and additional Medicare tax is Lexa required to pay on her self-employment income? (Round intermediate calculations and final answer to the nearest dollar.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Explain why photoinitiators are needed in most commercial VP resins. Explain what these photoinitiators do. Please...

Mechanical Engineering
Q

In cattle, an autosomal mutation called Dexter produces calves with short statureand short limbs. Embryos...

Biology
Q

An event has six possible outcomes with probabilities 1 2 1 4 1 8 1...

Physics
Q

Explain why 1 1 is not diagonalizable

Basic Math
Q

Construct a scatterplot Choose the correct graph below OA 4 200 160 160 200 President...

Statistics
Q

periods of y 4 tan 3x Make sure to include asympotetes of x y intercepts...

Algebra
Q

10 8 6 a b 6 y Identify a and b for the hyperbola with...

Algebra
Q

Can i have the answer of this exercise I need the correct answer for the...

Accounting
Q

King Co has stock outstanding consisting of 100,000 shares of cumulative 5% preferred stock with...

Accounting
Q

The consolidation worksheet below was prepared on December 31, 20X3. All consolidation entries and adjustments...

Accounting
Q

Oceanview Marine Company Assignment 2 Balance Sheet 31-Dec-15 ...

Accounting
Q

Question 8 (1 point) A put, with a strike price of $ 21.667 , was...

Finance