Question
Ralph Henwood was paid a salary of $73,400 during 20-- by Odesto Company. In addition, during the year Henwood started his own business as a
Ralph Henwood was paid a salary of $73,400 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 $50,000 on his income tax return for 20--. Compute the following: a. The amount of FICA taxes that was withheld from his earnings during 2010 by Odesto Company: OASDI: $_______________ HI: $_________________ b. Henwoods self-employment taxes on the income derived from the public accounting business for 2010: OASDI: $_______________ HI: $__________________
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