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George Talbot receives wages amounting to $111,500. His net earnings from self-employment amount to $28,600. Talbot must count $26,200 of his earnings in determining taxable
George Talbot receives wages amounting to $111,500. 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. OASDI Taxable Wage Base Wages Received = OASDI Taxable Self-Employment Income $137,700 $111,500 $26,200 Ralph Henwood was paid a salary of $83,400 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 $66,500 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. OASDI 0 HI 0 x b. Henwood's self-employment taxes on the income derived from the public accounting business for 20--. OASDI HI 0 X
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