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- How much total self-employment tax would be paid by someone who had $80,543 in income from self-employment
income? - Calculate the total self-employment tax for someone who made $27,300 as a self-employed software engineer.
- Wally earned $32,453 in self-employment income last year. How much did he pay in self-employment taxes for Social
Security? For Medicare?
F. Grab Bag- Ralph earns a $36,000 salary. He is paid biweekly. Ralph is married and has three dependent children, but he fi les his W-4
claiming single status and no exemptions. His biweekly deductions for health insurance and other benefi ts total $37.05.
a. Calculate the amount of withholding from each of Ralph’s paychecks for federal income taxes.
b. Calculate the amount of FICA taxes for each paycheck.- This exercise is a continuation of Exercise 27. Ralph’s wife Shara earns a $38,450 salary, and is also paid biweekly. She
fi led her W-4 claiming married status and two exemptions. Her biweekly benefi t deductions are $87.55.
a. Calculate her withholding from each paycheck for federal income taxes.
b. Calculate the amount of FICA taxes for each paycheck.- This exercise is a continuation of Exercises 27 and 28. Suppose that Ralph and Shara fi le their federal income taxes,
taking the standard deduction instead of itemizing. How much total federal income tax will they owe? - This exercise is a continuation of Exercises 27 to 29. Will Ralph and Shara receive a tax refund, or will they owe
additional taxes? How much? - This exercise is a continuation of Exercises 27 to 30. What tax bracket are Ralph and Shara in? What percent of their
gross income do they pay in federal income taxes?
Suppose that Shimura-Taniyama Design Associates has eight employees. The company uses a biweekly pay period. For Exercises
32 to 39, complete the table below by calculating the federal income tax withholding and FICA tax for each employee and each
employee’s net pay. (The business is located in Texas, which has no state income tax, so there is no state tax withholding.)Exercise Employee Gross Pay Deductions Status Exemptions Withholding FICA Net Pay32 Duplessis $755.38 $0.00 Single 0
33 Watson $1,865.13 $265.04 Married 1
34 Hsu $1,808.19 $303.65 Single 0
35 Gonsalves $2,165.03 $108.45 Single 3
36 Tansini $1,303.55 $208.16 Married 5
37 Rauschman $2,545.00 $382.05 Married 4
38 Lee $4,089.05 $399.94 Single 0
39 Becker $1,776.76 $255.04 Married 5Exercises 9.2 397