Accounting: Practical Practice Problems

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Complete the following Practical Practice Problems in Chapter 3 of your textbook: * 3-1A, 3-8A, 3-9A
* 3-12A, 3-15A, 3-16A

3-1A
The biweekly taxable wages for the employees of Rite-Shop follow.

FICA Taxes
Employee No.| Employee Name| Biweekly taxable wages| OASSDI| HI| 711| Castro, Manny| $493.28| 30.58| 7.15|
512| Corrales, Pat| 870.00| 53.94| 12.62|
624| Guitar, Joseph| 419.80| 26.03| 6.09|
325| Moore, Connie| 523.20| 32.44| 7.59|
422| Morrison, Harry| 1,100.00| 68.20| 15.95|
210| Robertson, Catherine| 950.00| 58.90| 13.78|
111| Swarez, Joseph| 489.75| 30.36| 7.10|
Totals| $300.45| $70.28|

3-8A
Ralph Henwood was paid salary of $64,600 during 2012 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 2012. Compute the following: a. OASDI $4005.20

HI $936.70
b. OASDI $5642.00
HI $1,392.00

3-9A
Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 2012 following for the payroll of December 31:

Employee| Annual| OASDI Taxable Wages| OASDI Tax| HI Tax| Utley, Genna| $22,150| 1845.83| 114.41| 26.76|
Werth, Norm| 48,900| 4075| 252.65| 59.09|
Bass, John| 24,000| 2000| 124| 29.00|
Ruiz, Sam| 110,880| 9240| 572.88| 133.98|
Compton, Sue| 20,900| 1741.67| 107.98| 25.25|
Williams, Mary| 19,500| 1625| 100.75| 23.56|
Patel, Raymond| 106,080| 8840| 548.08| 128.18|
Carson, Abe| 56,900| 4,741.67| 293.98| 68.75|
Livinsky, Sarah| 37,850| 3154.17| 195.56| 45.74|
Harper, Mark| 51,200| 4266.67| 264.53| 61.87|
Totals| | 40,750.01| 2574.82| 602.18|
Employer’s OASDI Tax| $,2574.82| | | |
Employer’s HI Tax| $602.18| | | |

3-12A
Refer to problem 3-11A. Complete 2,4, and 5 of...
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