Homework Help is Here – Start Your Trial Now!
Business
Accounting
Wage and Tax Statement Data on Employer FICA Tax Ehrlich Co. began business on January 2. 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 the following year, 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% on salary, 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: Employee Date First Employed Monthly Salary Monthly Income Tax Withheld Arnett Νov . 16 $3,500 $518 Cruz Jan. 2 5,400 1,015 Edwards Oct. 1 2,300 285 Harvin Dec. 1 2,200 273 Nicks Feb. 1 10,100 2,273 Shiancoe Mar. 1 3,500 536 Ward Nov. 16 8,900 1,922 Required: 1. Calculate the amounts to be reported on each emplovee's Wage and Tax Statement (Form W-2). Enter amounts to the nearest cent if required. Enter all amounts as positive numbers.

Wage and Tax Statement Data on Employer FICA Tax Ehrlich Co. began business on January 2. 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 the following year, 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% on salary, 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: Employee Date First Employed Monthly Salary Monthly Income Tax Withheld Arnett Νov . 16 $3,500 $518 Cruz Jan. 2 5,400 1,015 Edwards Oct. 1 2,300 285 Harvin Dec. 1 2,200 273 Nicks Feb. 1 10,100 2,273 Shiancoe Mar. 1 3,500 536 Ward Nov. 16 8,900 1,922 Required: 1. Calculate the amounts to be reported on each emplovee's Wage and Tax Statement (Form W-2). Enter amounts to the nearest cent if required. Enter all amounts as positive numbers.

Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter10: Payroll Register (pr)
Section: Chapter Questions
Problem 9R: Click the Chart sheet tab. On the screen is a chart of the four payroll taxes that a company might...
See similar textbooks
icon
Related questions
icon
Concept explainers
Question
Wage and Tax Statement Data on Employer FICA Tax Ehrlich Co. began business on January 2. 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 payrol taxes was remitted by the company for the calendar year. Early in the following year, 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% on salary, Data on dates of employment, salary rates, and emplovees' income taxes withheld, which are summarized as follows, were obtained from personnel records and payroll records: Employee Date First Employed Monthly Salary Monthly Income Tax Withheld Arnett Nov. 16 $3,500 $518 Cruz Jan. 2 5,400 1,015 Edwards Oct. 1 2,300 285 Harvin Dec. 1 2,200 273 Nicks Feb. 1 10,100 2,273 Shjancoe Mar. 1 3,500 536 Ward Nov. 16 8,900 1,922 Required: 1. Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2). Enter amounts to the nearest cent if required. Enter all amounts as positive numbers.
Transcribed Image Text:Wage and Tax Statement Data on Employer FICA Tax Ehrlich Co. began business on January 2. 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 payrol taxes was remitted by the company for the calendar year. Early in the following year, 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% on salary, Data on dates of employment, salary rates, and emplovees' income taxes withheld, which are summarized as follows, were obtained from personnel records and payroll records: Employee Date First Employed Monthly Salary Monthly Income Tax Withheld Arnett Nov. 16 $3,500 $518 Cruz Jan. 2 5,400 1,015 Edwards Oct. 1 2,300 285 Harvin Dec. 1 2,200 273 Nicks Feb. 1 10,100 2,273 Shjancoe Mar. 1 3,500 536 Ward Nov. 16 8,900 1,922 Required: 1. Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2). Enter amounts to the nearest cent if required. Enter all amounts as positive numbers.
2. Calculate 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 0.8% on the first $10,000 of each employee's earnings: (e) total. Round your answers to two decimal places. (a) (b) (c) (d) (e) Feedback
Transcribed Image Text:2. Calculate 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 0.8% on the first $10,000 of each employee's earnings: (e) total. Round your answers to two decimal places. (a) (b) (c) (d) (e) Feedback
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Journal entries
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting, Chapters 1-27 (New in Account…
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS