Ralph Henwood was paid a salary of $83,600 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 $67,500 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 $ b. Henwood's self-employment taxes on the income derived from the public accounting business for 20--. OASDI $ HI $
Ralph Henwood was paid a salary of $83,600 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 $67,500 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 $ b. Henwood's self-employment taxes on the income derived from the public accounting business for 20--. OASDI $ HI $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ralph Henwood was paid a salary of $83,600 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 $67,500 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 | $ |
b. Henwood's self-employment taxes on the income derived from the public accounting business for 20--.
| OASDI | $ |
| HI | $ |
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