Taylor Talbot receives wages amounting to $129,800. Their net earnings from self-employment amount to $32,800. Talbot must count $30,400 of their earnings in determining taxable self-employment income for OASDI taxes. OASDI Taxable Wage Base − $160,200 − 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 $100,000 on his income tax return for 20--. Compute the following: a. The amount of FICA taxes that was withheld from his earnings during 20-- by Odesto Company. Line Item Description Amount OASDI fill in the blank 1 of 2$ HI fill in the blank 2 of 2$ b. Henwood's self-employment taxes on the income derived from the public accounting business for 20--. Line Item Description Amount OASDI fill in the blank 1 of 2$ HI fill in the blank 2 of 2$
Taylor Talbot receives wages amounting to $129,800. Their net earnings from self-employment amount to $32,800. Talbot must count $30,400 of their earnings in determining taxable self-employment income for OASDI taxes. OASDI Taxable Wage Base − $160,200 − 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 $100,000 on his income tax return for 20--. Compute the following: a. The amount of FICA taxes that was withheld from his earnings during 20-- by Odesto Company. Line Item Description Amount OASDI fill in the blank 1 of 2$ HI fill in the blank 2 of 2$ b. Henwood's self-employment taxes on the income derived from the public accounting business for 20--. Line Item Description Amount OASDI fill in the blank 1 of 2$ HI fill in the blank 2 of 2$
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter11: Individuals As Employees And Proprietors
Section: Chapter Questions
Problem 1BD
Related questions
Question
| Taylor Talbot receives wages amounting to $129,800. Their net earnings from self-employment amount to $32,800. Talbot must count $30,400 of their earnings in determining taxable self-employment income for OASDI taxes. | |
| OASDI Taxable Wage Base | − |
| $160,200 | − |
| 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 $100,000 on his income tax return for 20--. Compute the following: | |
| a. The amount of FICA taxes that was withheld from his earnings during 20-- by Odesto Company. | |
| Line Item Description | Amount |
| OASDI | fill in the blank 1 of 2$ |
| HI | fill in the blank 2 of 2$ |
| b. Henwood's self-employment taxes on the income derived from the public accounting business for 20--. | |
| Line Item Description | Amount |
| OASDI | fill in the blank 1 of 2$ |
| HI | fill in the blank 2 of 2$ |
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