Henwoods self-employment taxes on the income derived

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Reference no: EM13745113

Ralph Henwood was paid a salary of $64,600 during 2010 by Odesto Company. In addition, during the year Henwood started his own business as a public accountant and reported a net business income of $48,000 on his income tax return for 2013.

Compute the following:

a. The amount of FICA taxes that was withheld from his earnings during 2010 by Odesto Company: OASDI: $_______________ HI: $_________________

b. Henwood’s self-employment taxes on the income derived from the public accounting business for 2010: OASDI: $_______________ HI: $__________________

Reference no: EM13745113

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