Chapter 9.III, Problem 14TIE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Les Roberts, a self-employed commercial artist, had total net earnings of $60,000 last year. What was the amount of the social security and Medicare taxes Les was required to send the IRS last year?

To determine

**To calculate:** The social security and Medicare tax of an self-employed artist les Robert whose

net earnings is

Explanation

**Given Information:**

Les Roberts net earnings is

**Formula used:**

For a self-employed person social security check and medicare tax can be calculated by the use of these formulas:

**Calculation:**

As given, Les Roberts net earnings is

For a self-employed person the social security tax rate is

Now apply the formula,

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