Essay on Accounting: Practical Practice Problems

785 WordsJan 16, 20134 Pages
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…show more content…
The company dose not use a third party designee and the tax returns are signed by the president, Carlos Cruz. See attached document. 3-15A The taxable wages and withheld taxes for Stafford Company(EIN 25-7901462), semiweekly depositor, for the first quarter of the follow. a. Compute schedule B of form 941 on page 3-48 for the first quarter for Steve Hazelton, the owner of Stafford company. See attachment b. List the due dates of each deposit in the first quarter. Paydays | Deposit due dates | January 13 | January 14- January 16 | January 31 | February 1-3 | February 15 | February 16-18 | February 29 | March 1-3 | March 15 | March 16-18 | March 30 | March31- April 2 | 3-16A Vulcan Company is a monthly depositor whose tax liability for March 2012 is $2,505.0 1. What is the due by the 15th of the next month The deposit is due by the 15th of the next month 2. Assume that no deposit was made until May 5. Compute the following penalties: Failure to Deposit Penalty Percentage Rates Number of Days Late | Percentage rate underpayment | | 1-5 | 2% | | 6-15 | 5% | | 16 + | 10% | | More than 10 days after first IRS bill | 15% | | | Rate | Maximum | Failure To File Penalty | 4.5% per month of unpaid tax | 22.5% | Failure To Pay Penalty | 1/2 % per
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