Question
Ralph Henwood was paid a salary of $79,200 during 20-- by Odesto Company. In addition, during the year Henwood started his own business as a
Ralph Henwood was paid a salary of $79,200 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 $64,000 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 | |
| HI |
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
Financial Accounting
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
5th Canadian edition
133472264, 978-0133446265, 133446263, 978-0133472264
