$****$Note this question is not the same as a previously asked question$****$

Example $3-5$

Taylor Talbot receives wages amounting to $$129,800.$ Their net earnings from self$-$employment amount to $$32,800.$ Talbot must count $$30,400$ of their earnings in determining taxable self$-$employment income for OASDI taxes.

OASDI Taxable Wage Base $-$ Wages Received $=$ OASDI Taxable Self$-$Employment Income

$$160,200-$ $$129,800,$$$30,400$

George Parker was paid a salary of $$74,700$ during $20--$ by Umberger Company. In addition, during the year, Parker started his own business as a public accountant and reported a net business income of $$90,000$ 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 Umberger Company.

OASDI

$HI$

b$.$ Parker's self$-$employment taxes on the income derived from the public accounting business for $20--.$

OASDI

$HI$

$

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a$.$ Muttiply eamings by correct OASDI and HI rate.

b$.$ Multiply self$-$employment income, by OASDI and HI rates for self$-$employed individual. $($Note: consider the OASDI ceiling.$)$