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: $__________________