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Accounting

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axable inc er that was you 2. You are self-employed. If your business earns $100,000 in net income in 20X4 and pays 15.3% of that for self- employment taxes (Social Security, Medicare, and Medicaid), then how much does your business earn net of self-employment taxes? 4.In 2020, the employee share of Social Security tax is 7.65% on wages of up to $137,700. a) If you earn a salary of $130,000 from your current employer, how much Social Security tax do you pay? b) If you are offered a new job at a salary of $140,000, how much more Social Security tax will you pay? c) If you are offered a new job at a salary of $150,000, how much of your increase will you net after you pay Social Security tax? Table 6.1 U.S. Income Tax Brackets in 2020 (Single Filing Status) Taxable income is greater than ($) Taxable income is less than () Your tax rate 0 9,875 10% 9,876 40,125 12% 40,126 85,525 22% 85,526 163,300 24% 163,301 207,350 32% 207,351 518,400 35% 518,401 37%

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