CHAPTER 12 TAX CREDITS AND PAYMENTS
CHAPTER 12 TAX CREDITS AND PAYMENTS
Subject: General Questions   / General General Questions
Question
1. Phil and Audrey, husband and wife, are both employed by Laurel Corporation. Phil earns $125,000 in salary in 2014, and Audrey earns $70,000. How much FICA tax must they pay for 2014?
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2. Susan generated $55,000 of net earnings from the conduct of a tax preparation business that she operated during the tax-filing season. She also received wages of $66,800 from her full-time job. Compute the self-employment taxes due for 2014.
3. Discuss the treatment of unused general business credits.
4. Explain the purpose of the tax credit for rehabilitation expenditures and describe the general characteristics of its computation.
5. Explain the purpose of the disabled access credit and describe the general characteristics of its computation.
6. How does the FICA tax compare to the self-employment tax? How are these two taxes similar and how do they differ?