Compute the amount of fica taxes

Assignment Help Accounting Basics
Reference no: EM132669820

Problem 1: Ralph Henwood was paid a salary of $76,800 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 $66,500 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.

b. Henwood's self-employment taxes on the income derived from the public accounting business for 20--.

Reference no: EM132669820

Questions Cloud

Evaluate empirical data regarding crime victims : This week's required readings discuss the situations that make it more likely for children and the elderly to become victims of crime and how vulnerabilities.
Process of breaking down glucose molecule aerobically : Describe the process of breaking down a glucose molecule aerobically. This would include pathways such as glycolysis, tca, and electron transport chain
What are electron carriers : What are electron carriers? What role do they play within metabolic pathways?
Analyze constitutionality of officer williams action : Officer Williams is an officer with the Richmond police department and has been with the department for five years. He received information that a citizen.
Compute the amount of fica taxes : Ralph Henwood was paid a salary of $76,800, Compute the amount of FICA taxes that was withheld from his earnings during 20-- by Odesto Company.
What is fermentation : What is fermentation? How is this an important pathway under anaerobic conditions for some cells?
Describe the structure of enzymes : Describe the structure of enzymes. Also indicate what factors can influence the activity of enzymes.
Find the total fica taxes that the employer would withhold : Find the total FICA taxes that the employer would withhold from the five employees each week and the amount the company would pay
What is the compartment : What is the compartment where hydrogen cations build up during ETC in a gram positive cell.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Which days have lower median occupancy rates

Is the median occupancy rate approximately the same throughout the week? If not, which days have lower median occupancy rates

  Compute gross profit per year for given problem

You are investigating possible hidden income in a divorce dispute involving an automobile repair shop with five bays.

  What is the defined pension plan

What is the defined pension plan? Is there a difference between accumulated benefits approach and projected benefits

  What is the significance of current assets long-term asset

What is the significance of current assets vs. long-term assets? Would they affect your ability to obtain a loan or sell your business? Explain.

  What major factors permitted the embezzlement to take place

Frank James, a highly competent employee of Brinkwater Sales Corporation, had been responsible for accounting-related matters for two decades. His devotion to the firm and his duties had always been exceptional, and over the years, he had been giv..

  What is the target variable cost for each laser light

If the company desires to make a profit of $100,000 on the laser light, what is the target variable cost for each laser light

  In computing the amount realized ifthe fair market value of

1.the credit for child and dependentcare expenses is an example of a refundable credit. true false2. currently any

  Journal entry for the issuance

Prepare the journal entry for the issuance when the market price of the common shares is $ 168 each and market price of the preferred is 210 each. (Round to nearest dollar.)

  Expected contribution margin ratio and break even sales

Prepare an estimated income statement for 2008. What is the expected contribution margin ratio? Determine the break-even sales in units. Construct a cost-volume-profit chart indicating the break-even sales.

  Define the term functional currency

Define the term "functional currency." Why is it important for a foreign subsidiary to determine its functional currency

  Part of tax research consists of determining

1. A large part of tax research consists of determining what? 2. Why do taxpayers often have more than one alternative for structuring a busi- ness transaction?

  Explain some common legal entities used for operating a

1. what are some common legal entities used for operating a business? what types of business entities does the u.s. tax

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd