OASDI for self employment

74700.00 wages

60,000.00 self employment

wage base is 132900.

3-8B.LO 3 See Example 3-5 on page 3-13 ME HOW 00 during 20 - by Umberger Company. In addition, during the year, Parker ee Parker was paid a salary of $74,700 during 20-- by Umberger Company. In addition as a public accountant and reported a net business income of $60,000 on his income tax started his own business as a public accountant and reported return for 20- Compute the following: a. The amount of FICA taxes that was withheld from his earnings during 20-- by Umberger Company. b. Parker's self-employment taxes on the income derived from the public accounting business for 20. OASDI HI OASDI HI 3-55