Answered step by step
Verified Expert Solution
Question
1 Approved Answer
George Talbot receives wages amounting to $116,600. 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 $116,600. 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. OASDITaxableWageBaseWagesReceived=OASDITaxableSelf-EmploymentIncome$142,800$116,600=$26,200 business income of $80,000 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 HI $ b. Henwood's self-employment taxes on the income derived from the public accounting business for 20--. OASDI $x
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started