Ralph Henwood was paid a salary of $64,600 during 2012 by Odesto Comapny. 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 imcome tax return for 2012. Compute:
A. the amount of FICA taxes that was withheld from his earnings during 2012 by Odesto. OASDI and HI
B. Henwood's self-employemtn taxes on the income derived from the public accounting business for 2012. OASDI and HI.
Using 6.20% and 1.45 % and $110,100 as the cap.