Accounting: Practical Practice Problems
Topics: Taxation in the United States, Tax, Tax refund, Internal Revenue Service, Salary / Pages: 4 (778 words) / Published: Jan 27th, 2013

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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