Phyllis Is an Electrician Employed by Bogie Company

question 121

Multiple Choice

Phyllis is an electrician employed by Bogie Company. Phil is a self-employed electrician. During the current year, Phyllis's salary is $75,000 and Phil's net self-employment income is $75,000. Which of the following statements about the Social Security and self-employment taxes paid is/are correct?
I.Phil's self-employment tax is greater than the Social Security tax paid on Phyllis's income.
II.Phil pays more self-employment tax than Phyllis pays in Social Security tax.
III.Phil and Phyllis pay the same amount of tax.
IV.Phil's self-employment tax is equal to the Social Security tax paid on Phyllis's income.
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• A)Only statement I is correct
• B)Only statement I is correct.
• C)Only statement IV is correct.
• D)Statements I and III are correct.
• E)Statements II and IV are correct.

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