For each of the following,determine the amount of net income or net loss for the year.
Definitions:
Form 4070
A tax form used by employees in the United States to report tips received to their employer.
Tax Withholding
The portion of an employee's wages that is not included in their paycheck because it is sent directly to the federal, state, or local tax authorities as partial payment of income tax.
FICA Taxes
Taxes collected under the Federal Insurance Contributions Act to fund Social Security and Medicare, required deductions from workers' paychecks.
Schedule H
Schedule H is a tax form used by household employers to report wages paid to household employees, such as nannies or housekeepers, and calculate Social Security, Medicare, and FUTA taxes.
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