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 $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. OASDI HI 936.70 ✔ b. Henwood's self-employment taxes on the income deri d from the public accounting business for 20--. OASDI 4,005.20✔ HI 7,762.40 X 2,030.00 X

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 $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. OASDI HI 936.70 ✔ b. Henwood's self-employment taxes on the income deri d from the public accounting business for 20--. OASDI 4,005.20✔ HI 7,762.40 X 2,030.00 X

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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