Question
Employee and Employer OASDI:6.20% $128,400 $7,960.80 Employee* and Employer HI:1.45% No limit No maximum Self-employed OASDI:12.4% $128,400 $15,921.60 Self-employed HI:2.9% No limitNo maximum Ralph Henwood
Employee and Employer OASDI:6.20% $128,400 $7,960.80
Employee* and Employer HI:1.45% No limit No maximum Self-employed OASDI:12.4% $128,400 $15,921.60 Self-employed HI:2.9% No limitNo maximum
Ralph Henwood was paid a salary of $77,600 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 $64,500 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.
OASD
HI
b.Henwood's self-employment taxes on the income derived from the public accounting business for 20--.
OASD
HI
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