raphic designers create visual concepts using computer software or by hand to communicate ideas that inspire, inform, and captivate consumers. They develop the overall layout and production design for various applications such as for advertisements, brochures, magazines, and corporate reports. SOURCE: United States. Department of Labor. "Graphic Designers." Occupational Outlook Handbook. 17 Dec. 2015. Web. 7 March 2016. Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $118,500 of income 1.45% on income above $118,500 7.65% on first $118,500 paid in wages 1.45% on wages above $118,500 13.3% on first $118,500 of net earnings 2.9% on earnings above $118,500 1FICA taxes include Social Security and Medicare. The Social Security tax applies to the first $118,500 of income, while the Medicare tax applies to all income. Suppose a graphic designer earns $69,000 and is self-employed. How much will the designer have to pay in FICA taxes?

raphic designers create visual concepts using computer software or by hand to communicate ideas that inspire, inform, and captivate consumers. They develop the overall layout and production design for various applications such as for advertisements, brochures, magazines, and corporate reports. SOURCE: United States. Department of Labor. "Graphic Designers." Occupational Outlook Handbook. 17 Dec. 2015. Web. 7 March 2016. Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $118,500 of income 1.45% on income above $118,500 7.65% on first $118,500 paid in wages 1.45% on wages above $118,500 13.3% on first $118,500 of net earnings 2.9% on earnings above $118,500 1FICA taxes include Social Security and Medicare. The Social Security tax applies to the first $118,500 of income, while the Medicare tax applies to all income. Suppose a graphic designer earns $69,000 and is self-employed. How much will the designer have to pay in FICA taxes?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 1EB: Indicate whether the statement describes reporting by the financial accounting function or the...

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Employee's Rates	Matching Rates Paid by the Employer	Self-Employed Rates
7.65% on first $118,500 of income 1.45% on income above $118,500	7.65% on first $118,500 paid in wages 1.45% on wages above $118,500	13.3% on first $118,500 of net earnings 2.9% on earnings above $118,500
¹FICA taxes include Social Security and Medicare. The Social Security tax applies to the first $118,500 of income, while the Medicare tax applies to all income.

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