24. Bob is a 50 percent owner of Barco Enterprises. During 2011, Barco earned $80,000 in net...
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24. Bob is a 50 percent owner of Barco Enterprises. During 2011, Barco earned $80,000 in net income after subtracting Bob’s $50,000 salary. Bob also withdrew $20,000 from Barco during the year. Bob would like to know the amount of the FICA taxes and by whom they would be paid if
a. Barco is a general partnership.
b. Barco is an S corporation.
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