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Wage and Tax Statement Data on Efipioyel FICA Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by the company for the calendar year. Early in 20 before the Wage and Tax Statements (Form W-2) could be prepared for distribution to employees and for filing with the Social Security Administration, the employees' earnings records were inadvertently destroyed. None of the employees resigned or were discharged during the year, and there were no changes in salary rates. The social security tax was withheld at the rate of 6.0% and Medicare tax at the rate of 1.5%. Data on dates of employment, salary rates, and employees' income taxes withheld, which are summarized as follows, were obtained from personnel records and payroll records: Monthly Income Date First Monthly Тах Employee Employed Salary Withheld Arnett Jan. 2 $3,900 $546 Cruz Oct. 1 5,700 1,026 Edwards Apr. 16 2,900 363 Harvin Nov. 1 2,200 275 Nicks Jan. 16 5,650 1,271 Shiancoe Dec. 1 3,900 605 Ward Feb. 1 6,700 1,441 Required: 1. Determine the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 20Y8. Round amounts to the nearest whole dollar and enter all amounts as positive values. Gross Federal Income Social Security Medicare Employee Earnings Tax Withheld Tax Withheld Tax Withheld Arnett Cruz Edwards

Wage and Tax Statement Data on Efipioyel FICA Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by the company for the calendar year. Early in 20 before the Wage and Tax Statements (Form W-2) could be prepared for distribution to employees and for filing with the Social Security Administration, the employees' earnings records were inadvertently destroyed. None of the employees resigned or were discharged during the year, and there were no changes in salary rates. The social security tax was withheld at the rate of 6.0% and Medicare tax at the rate of 1.5%. Data on dates of employment, salary rates, and employees' income taxes withheld, which are summarized as follows, were obtained from personnel records and payroll records: Monthly Income Date First Monthly Тах Employee Employed Salary Withheld Arnett Jan. 2 $3,900 $546 Cruz Oct. 1 5,700 1,026 Edwards Apr. 16 2,900 363 Harvin Nov. 1 2,200 275 Nicks Jan. 16 5,650 1,271 Shiancoe Dec. 1 3,900 605 Ward Feb. 1 6,700 1,441 Required: 1. Determine the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 20Y8. Round amounts to the nearest whole dollar and enter all amounts as positive values. Gross Federal Income Social Security Medicare Employee Earnings Tax Withheld Tax Withheld Tax Withheld Arnett Cruz Edwards

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 3E
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Edwards Apr. 16 2,900 363 Harvin Nov. 1 2,200 275 Jan. 16 5,650 1,271 Nicks Dec. 1 3,900 605 Shiancoe Feb. 1 6,700 1,441 Ward Required: 1. Determine the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 20Y8. Round amounts to the nearest whole dollar and enter all amounts as positive values. Federal Income Social Security Medicare Gross Employee Earnings Tax Withheld Tax Withheld Tax Withheld Arnett Cruz Edwards Harvin Nicks Shiancoe Ward 2. Compute the following employer payroll taxes for the year: (a) social security; (b) Medicare; (c) state unemployment compensation at 5.4% on the first $10,000 of each employee's earnings; (d) federal unemployment compensation at 0.6% on the first $10,000 of each employee's earnings; (e)'total. Round amounts to the nearest whole dollar and enter all amounts as positive values. (a) $ (b) (c) (d) (e)
Transcribed Image Text:Edwards Apr. 16 2,900 363 Harvin Nov. 1 2,200 275 Jan. 16 5,650 1,271 Nicks Dec. 1 3,900 605 Shiancoe Feb. 1 6,700 1,441 Ward Required: 1. Determine the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 20Y8. Round amounts to the nearest whole dollar and enter all amounts as positive values. Federal Income Social Security Medicare Gross Employee Earnings Tax Withheld Tax Withheld Tax Withheld Arnett Cruz Edwards Harvin Nicks Shiancoe Ward 2. Compute the following employer payroll taxes for the year: (a) social security; (b) Medicare; (c) state unemployment compensation at 5.4% on the first $10,000 of each employee's earnings; (d) federal unemployment compensation at 0.6% on the first $10,000 of each employee's earnings; (e)'total. Round amounts to the nearest whole dollar and enter all amounts as positive values. (a) $ (b) (c) (d) (e)
Wage and Tax Statement Data on Employer FICA Tax Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by the company for the calendar year. Early in 20Y9, before the Wage and Tax Statements (Form W-2) could be prepared for distribution to employees and for filing with the Social Security Administration, the employees' earnings records were inadvertently destroyed. None of the employees resigned or were discharged during the year, and there were no changes in salary rates. The social security tax was withheld at the rate of 6.0% and Medicare tax at the rate of 1.5%. Data on dates of employment, salary rates, and employees' income taxes withheld, which are summarized as follows, were obtained from personnel records and payroll records: Monthly Income Date First Monthly Tax Employee Employed Salary Withheld Arnett Jan. 2 $3,900 $546 Cruz Oct. 1 5,700 1,026 Edwards Apr. 16 2,900 363 Harvin Nov. 1 2,200 275 Nicks Jan. 16 5,650 1,271 Shiancoe Dec. 1 3,900 605 Ward Feb. 1 6,700 1,441 Required: 1. Determine the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 20Y8, Round amounts to the nearest whole dollar and enter all amounts as positive values. Gross Federal Income Social Security Medicare Employee Earnings Tax Withheld Tax Withheld Tax Withheld Arnett Cruz Edwards Harvin
Transcribed Image Text:Wage and Tax Statement Data on Employer FICA Tax Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by the company for the calendar year. Early in 20Y9, before the Wage and Tax Statements (Form W-2) could be prepared for distribution to employees and for filing with the Social Security Administration, the employees' earnings records were inadvertently destroyed. None of the employees resigned or were discharged during the year, and there were no changes in salary rates. The social security tax was withheld at the rate of 6.0% and Medicare tax at the rate of 1.5%. Data on dates of employment, salary rates, and employees' income taxes withheld, which are summarized as follows, were obtained from personnel records and payroll records: Monthly Income Date First Monthly Tax Employee Employed Salary Withheld Arnett Jan. 2 $3,900 $546 Cruz Oct. 1 5,700 1,026 Edwards Apr. 16 2,900 363 Harvin Nov. 1 2,200 275 Nicks Jan. 16 5,650 1,271 Shiancoe Dec. 1 3,900 605 Ward Feb. 1 6,700 1,441 Required: 1. Determine the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 20Y8, Round amounts to the nearest whole dollar and enter all amounts as positive values. Gross Federal Income Social Security Medicare Employee Earnings Tax Withheld Tax Withheld Tax Withheld Arnett Cruz Edwards Harvin
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