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Taylor Talbot recelves wages amounting to $116,600. Their net earnings from self-employment amount to $32,800, Talbot must count $30,400 of their eamings in determining taxable
Taylor Talbot recelves wages amounting to $116,600. Their net earnings from self-employment amount to $32,800, Talbot must count $30,400 of their eamings in determining taxable self-employment income for OASD1 taxes. Ralph Henwood was paid a salary of $64,600 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 $90,000 on his income tax return for 20. Compute the following: a. The amount of FICA taxes that was withheid from his eamings during 20-- by Odesto Company. b. Henwood's self-employment taxes on the income derived from the public accounting business for 20. OASDI HI 4
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