Ralph Henwood was paid a salary of $64,600 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 $80,000 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–.
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