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Assume the year is 2018 for the following questions. *** Note the answer for B OASDI $ does not = $7762.40 will be marked wrong****
Assume the year is 2018 for the following questions.
***Note the answer for B OASDI $ does not = $7762.40 will be marked wrong****
Example 3-5 George Talbot receives wages amounting to $102,200. His net earnings from self-employment amount to $28,600. Talbot must count $26,200 of his earnings in determining taxable self-employment income for OASDI taxes. FICA Taxable Wage Base - Wages Received - Taxable Self-Employment Income $128,400 $102,200 $26,200 Ralph Henwood was paid a salary of $64,600 during 20-- by Odesto Company. In addition, during the year Henwood started his own business as a public accountant and reported a net business income of $70,000 on his income tax return for 20--. Compute the following: a. The amount of FICA taxes that was withheld from his earnings during 20-- by Odesto Company. OASDI 4,005.20 HI 936.70 b. Henwood's self-employment taxes on the income derived from the public accounting business for 20--. OASDI HI 2,030.00
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