3-8A LO 3 See Example 3-5 on page 3-13 Ralph Henwood was paid a salary of $64,600 during 20- by Odesto Company. In addition, during the year Hen- wood started his own business as a public accountant and reported a net business income of $80,000 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. SHOW ME HOW b. Henwood's self-employment taxes on the income derived from the public accounting business for 20--. OASDI HI OASDI HI 5555

3-8A LO 3 See Example 3-5 on page 3-13 Ralph Henwood was paid a salary of $64,600 during 20- by Odesto Company. In addition, during the year Hen- wood started his own business as a public accountant and reported a net business income of $80,000 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. SHOW ME HOW b. Henwood's self-employment taxes on the income derived from the public accounting business for 20--. OASDI HI OASDI HI 5555

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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