Business, 17.12.2019 22:31 louistwdg

Adam fleeman, a skilled carpenter, started a home improvement business with tom collins, a master plumber. adam and tom are concerned about the payroll taxes they will have to pay. assume they form an s corporation and each earns a salary of $106,000 from the corporation; in addition, they expect their share of business profits to be $62,500 each. how much social security tax and medicare tax (or self-employment tax) will adam, tom, and their corporation have to pay on their salary and profits? (assume adam and tom are paying themselves reasonable salaries.)

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