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 $90,000 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. OASDI HI b. Henwood's self-employment taxes on the income derived from the public accounting business for 20--. OASDI 4,005.2 ✔ 936.7 ✔ HI X

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 $90,000 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. OASDI HI b. Henwood's self-employment taxes on the income derived from the public accounting business for 20--. OASDI 4,005.2 ✔ 936.7 ✔ HI X

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter5: Unemployment Compensation Taxes

Section: Chapter Questions

Problem 5PB

See similar textbooks

Similar questions

In the current year, Madison Corporation had 50,000 of taxable income at a tax rate of 25%. During the year, Madison began offering warranties on its products and has a Warranty liability for financial reporting purposes of 5,000 at the end of the year. Warranty expenses are not deductible until paid for income tax purposes. Prepare the journal entry to record Madisons income taxes at the end of the year.
Ralph Henwood was paid a salary of $83,600 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 $67,500 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. OASDI $ HI $ b. Henwood's self-employment taxes on the income derived from the public accounting business for 20--. OASDI $ HI $
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. OASDI HI OASDI 4,005.20 b. Henwood's self-employment taxes on the income derid from the public accounting business for 20--. HI 936.70 7,762.40 X 2,030.00 X
Ms. Kirsten provided information to the BIR leading to the recovery of P8,000,000 unpaid taxes. Compute for a. Final withholding tax b. Net amount to be released to the tax informer
Ralph Henwood was paid a salary of $82,400 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: The amount of FICA taxes that was withheld from his earnings during 20-- by Odesto Company. OASDI $fill in the blank 1 HI $fill in the blank 2 b. Henwood's self-employment taxes on the income derived from the public accounting business for 20--. OASDI $fill in the blank 3 HI $fill in the blank 4
Compute for the tax due of the following individuals using the RA 10963 tax table. Show computations. 1. An employee with annual salary of P1,000,000, annual total contributions of P48,000 and bonus of P200,000 for the year.
You are provided with the following amounts for Susan Kim for the current year: • Net employment income (ITA 5 to 8) = $35,000 • Interest income (ITA 12) = $5,700 • Taxable amount of dividends (ITA 12) = $2,620 Taxable capital gains (ITA 38 to 55) = $2,500 • Alowabie capital losses (ITA 38 to 55) = $3,500 • Interest expense (bank loan for investment purposes) = $2,500 • Investment counsel fees = $900 • RRSP deduction (allowed pursuant to ITA 60) = $9,500 Based on the above, the "net property income" reported by Susan Kim pursuant to ITA 3(a) for the current year is: Choose the correct answer. A. $7,320 B. $8,320 C. $33,460 D. $4,920
A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Assuming that the tax rate is 25%, what is the income tax payable of A? Group of answer choices P2,500.00 P12,500.00 P25,000.00 P15,000.00
Compute for the tax due of the following individuals using the RA 10963 tax table. Show computations. 1. An employee with monthly salary of P65,000, monthly allowable deduction of P4,300, bonus of P40,000 for the year.
Sneed Corporation reported balances in the following accounts for the current year: Income taxes payable Deferred tax liability Income tax expense was $232 for the year. What was the amount paid for taxes? Beginning $ 53 84 $188. $212. $285. ○ $199. Ending $ 33 148
Mr. Reyes is both employed and self-employed. He had the following income receipts during the month: Gross compensation income P 120,000.00 Director's fees 80,000.00 Professional fees 200,000.00 Total gross income P 400,000.00 The total amount subject to business tax is?
1. John reports the following business transactions: Gross sales - P850,000 Sales discounts - 25,000 Cost of sales - 250,000 Operating expenses - 190,000 Interest income on bank deposits- BPI - 10,000 John also earned a total compensation of P410.020, from a part-time employment of which, P105,000 is excluded from taxation. Compute the taxable income of John which is subject to regular income tax: a. P680,000 b. P690,000 c. P705,000 d. P870,000 2. The negligence of AC, driver of a certain bus company, resulted in the death of JP's wife, physical injuries to JP that prevented him from working for a month, and the total wreck of JP's brand new car which he had bought for P400.000. In the action for damages filed by JP against the bus company, the court awarded the following: • P30,000 for JP's injuries consisting mainly in the loss of his right hand; • P45,000 for JP's loss of one month salary: • P25,000 for the death of his wife: • P100,000 moral damages on account of the…