Sole proprietorship pay on the wages, Accounting Basics

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Sole proprietorship pay on the wages

James owns a sole proprietorship. James pays his son Albert, age 17, $8,000 and his daughter Chloe, age 19, $11,000 for their work in the business. Both wages are reasonable for the work they perform. How much FICA tax must the sole proprietorship pay on the wages?

a. 0

b. $612

c. $842

d. $1,454

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Accounting Basics: Sole proprietorship pay on the wages

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Accounting Basics: Sole proprietorship pay on the wages

Reference No:- TGS065737

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : How might outsourcing affect wages

Q : Relative black-white wage ratios

Q : What is total shareholders'' equity at the end of 2011

Q : Maximum net national loss

Q : Sole proprietorship pay on the wages

Q : Find money supply if banking not hold any excess reserves

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Q : By what amount will fink''s paid-in capital - excess

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Sole proprietorship pay on the wages

Reference No:- TGS065737

Recent Questions Asked Accounting Basics

Q : How might outsourcing affect wages

Q : Relative black-white wage ratios

Q : What is total shareholders'' equity at the end of 2011

Q : Maximum net national loss

Q : Sole proprietorship pay on the wages

Q : Find money supply if banking not hold any excess reserves

Q : Determine the balance in the deferred tax liability

Q : Asset acquired under the mid-quarter convention

Q : By what amount will fink''s paid-in capital - excess

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