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                   Ken works at a dinner club.  On FEb 7th his gross pay was $800  (3 days working 1 paid vacation day and 1 paid sick day).  He also reported employuer tips of $900 for the previous month (applicable taxes to be deducted out of this pay).  Ken belongs to the company's 401K pland has 5% of his gross pay $800 deducted each week (salary reduction).  The Dinner Club also provides matching contributions ($40) into the plan for Gorman.

      

 

$3–4A.

(a)    $800 + $900 =

 

(b)    $800 + $900 =

 

Audrey and Beth are partners in the Country Gift Shop, which employs the individuals listed below.  Paychecks are distributed every Friday to all employees. Based on the info given compute the amounts listed below for a weekly payroll period.

 

3–6A.



Name and Position



Salary

OASDI
Taxable
Earnings


OASDI
Tax

HI
Taxable
Earnings


HI
Tax

Zena Vertin, Office

$    535  per week

 

 

 

 

Nicole Norge, Sales

    2,980  per month

 

 

 

 

Bob Mert, Delivery

       485  per week

 

 

 

 

Audrey Martin, Partner

       950  per week*

 

 

 

 

Beth James, Partner

       950  per week*

 

 

 

 

 

                   Totals

 

 

 

 

 

Employer’s OASDI Tax             

Employer’s HI Tax                    

 

*The $950 that each partner receives each week is considered a drawing or withdrawal, not a salary payment.


Ralph was paid salary of $64,600 during 2014 by Odesto Company.  In addition, during the year Ralph started his own business as a public accountant and reported a net bsuiness income of $60,000 on his income tax returns for 2014.  Compute the following: 

3–8A.

(a)   The amount of FICA taxes that was withheld from          OASDI  __                       

        his earnings during 2014 by Odesto Company.              HI   ___    

 

(b)   Henwood’s self-employment taxes (will receive a credit on his

        federal income tax return for these paid taxes) on the income

        derived from the public accounting business for 2014.

        [$XX,XXX taxable ($113,700 – $64,600) × 0.124]             OASDI   __                    ($XX,XXX taxable × 0.029)                                                         HI   ____                      

 

The monthly and hourly wage schedule for the employees of Quirk Inc. follows.  No employees are due overtime pay.  Compute the following for the last monthly pay of the year :

a) The total wages of each part time employee for December 2014;

b) The OASDI and HI taxable wages for each employee;

c) The FICA taxes withheld from each employee's wages for December;

d)  Totals of columns;

e)  The employer's FICA taxes for the month.

 

3–10A.



Employees

Total
Monthly
Payroll

OASDI
Taxable
Wages

HI
Taxable
Wages


OASDI
Tax


HI
Tax

Full-Time Office:

 

 

 

 

 

Adaiar, Gene.........................................................................

  $   1,400.00

 

 

 

 

Crup, Jason..........................................................................

       1,300.00

 

 

 

 

Essex, Joan..........................................................................

       1,975.00

 

 

 

 

Garza, Irma...........................................................................

       1,985.00

 

 

 

 

Leason, Mel..........................................................................

       1,900.00

 

 

 

 

Pruit, Marne..........................................................................

       7,000.00

 

 

 

 

Rubble, Deanne....................................................................

       2,400.00

 

 

 

 

Simpson, Dick......................................................................

       3,985.00

 

 

 

 

Truap, Ann............................................................................

       5,000.00

 

 

 

 

Wilson, Trudy........................................................................

       1,500.00

 

 

 

 



Part-Time Office:


Hours
Worked


Hourly
Rate


Total
Monthly

 

 

 

 

Kyle, Judy............................

170

    $  8.25

 

 

 

 

 

Laird, Sharon........................

170

        8.35

 

 

 

 

 

Maxwell, Sara........................

140

      10.10

 

 

 

 

 

Nelson, Donna......................

145

        8.20

 

 

 

 

 

Scott, Kim............................

162

        9.65

 

 

 

 

 

         Totals..........................

 

 

 

 

 

 

 

 

Employer’s FICA taxes              OASDI                                                  HI                                   

 

 

 
 

 Volcan Co. is a monthly depositor whose tax liability for March 2014 is $2505. (Use the IRS 941 Form) attached.

 

 

 

 

 

 

 

 

 

 

 

3–16A.

 

 

 

1.    Due Date to be filed:

 

 

 

2.    (a)   Penalty for failure to make timely deposit (17 days late):

 

               $X,XXX × 10%....................................................................................                        

 

        (b)   Penalty for failure to fully pay tax: $X,XXX × 1/2%......................                              

 

(c)   Interest on taxes due and unpaid:……………………………………

 

        (d)   Total penalty imposed.......................................................................

 

 

 

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