Describe the procedures prescribed by U.S. GAAP and IFRS to test for goodwill impairment. How do these procedures differ from the procedure followed for testing the impairment of a patent, which is an intangible asset with a definite life?
January 3, 2018
What is the amount of Medicare tax Sally must pay as the maid’s employer?
January 3, 2018

What is the nanny’s portion of the Social Security and Medicare tax?

Ann hires a nanny to watch her two children while she works at a local hospital. She pays the 19-year-old nanny $165 per week for 46 weeks during the current year. a. What is the employer’s portion of Social Security and Medicare tax for the nanny that Ann should pay when she files her Form 1040 for 2016? $ _________________ b. What is the nanny’s portion of the Social Security and Medicare tax? $ _________________ View Solution:
Ann hires a nanny to watch her two children while

 

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