Answer Happy

The Krusty Krab Net Income Projection Restaurant Sales Revenue Promotional Appearances Total Revenue Expenses Ingredients (burgers, fries, condiments etc.) Packaging (wrap, bags, napkins etc.) Small trinkets (kids meals) Customer satisfaction refunds Insurance Rent Utilities Payroll Payroll Taxes Uniforms City Assessment Dues Other Restauranteur Seminar Total Expenses Net Income Airfare Registration Supplies Promotional Items Apparel Taxis Hotel Meals Entertainment BOOK 950,000 5,000 955,000 280,000 160,000 40,000 14,325 30,000 27,000 9,000 103,000 11,330 3,500 4,000 5,000 32,000 4,500 2,000 500 500 400 150 3,000 1,800 1,200 733,205 221,795
PAYROLL TAXES SS 12.4% OF FIRST 142,800 MEDICARE 2.9% OF TOTAL TOTAL 15.3% TOTAL SELF EMPLOYED INDIVIDUALS MUST PAY BOTH HALVES THEMSELVES! EMPLOYER EMPLOYEE 6.20% 6.20% 1.45% 1.45% 7.65% 7.65% This is payroll tax but it is calculated, reported and remitted with the 1040 One half of self employment taxes is a deduction for AG (ATL) The self-employment tax base is 92.35% 1100-0765) of self employment income Subject to same cap on FICA SELF-EMPLOYMENT INCOME 5 100,000 $200,000 92.35% TAXABLE PORTION 92.35% SUBJECT TO S/E 92,350 $ 184,700 RCA (12.4% OF FIRST 142,800 11,451 S 17,707 MEDICARE (2.9% OF ALL) 2,678 S 5,356 TOTAL tax 14,130 S 23,064 1/25 DEDUCTION ATL 7,065 $ 11,532 S $ 5 5 $ WAGES 5 WAGES 100,000 200000 S 7,650 EMPLOYER EMPLOYEE $ 7,650 8,854 EMPLOYERS $ EMPLOYEESS $ 8,854 EMPLOYER MED S EMPLOYEE MED $ job 1 job 2 max refund $ $ 6200 $200 12400 8.854 3,546