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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: Date First Employed Nov. 16 Employee Monthly Salary Monthly Income Tax Withheld $533 Arnett $3,600 Cruz Jan. 2 959 5,100 Edwards Oct. 1 Dec. 1 2,400 298 Harvin 2,400 298 Nicks Feb. 1 2,295 10,200 Shiancoe Mar. 1 3,400 520 Nov. 16 1,793 Ward 8,300 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. Federal Income Tax Withheld Social Security Tax Withheld Medicare Tax Withheld Gross Earnings Employee Arnett Cruz Edwards Harvin Nicks Shiancoe Ward 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)

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: Date First Employed Nov. 16 Employee Monthly Salary Monthly Income Tax Withheld $533 Arnett $3,600 Cruz Jan. 2 959 5,100 Edwards Oct. 1 Dec. 1 2,400 298 Harvin 2,400 298 Nicks Feb. 1 2,295 10,200 Shiancoe Mar. 1 3,400 520 Nov. 16 1,793 Ward 8,300 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. Federal Income Tax Withheld Social Security Tax Withheld Medicare Tax Withheld Gross Earnings Employee Arnett Cruz Edwards Harvin Nicks Shiancoe Ward 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)

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter3: Accounting For Labor
Section: Chapter Questions
Problem 13E
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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: Date First Employed Nov. 16 Employee Monthly Salary Monthly Income Tax Withheld $533 Arnett $3,600 Cruz Jan. 2 959 5,100 Edwards Oct. 1 Dec. 1 2,400 298 Harvin 2,400 298 Nicks Feb. 1 2,295 10,200 Shiancoe Mar. 1 3,400 520 Nov. 16 1,793 Ward 8,300 Required:
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 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: Date First Employed Nov. 16 Employee Monthly Salary Monthly Income Tax Withheld $533 Arnett $3,600 Cruz Jan. 2 959 5,100 Edwards Oct. 1 Dec. 1 2,400 298 Harvin 2,400 298 Nicks Feb. 1 2,295 10,200 Shiancoe Mar. 1 3,400 520 Nov. 16 1,793 Ward 8,300 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. Federal Income Tax Withheld Social Security Tax Withheld Medicare Tax Withheld Gross Earnings Employee Arnett Cruz Edwards Harvin Nicks Shiancoe Ward 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)
Transcribed Image Text: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. Federal Income Tax Withheld Social Security Tax Withheld Medicare Tax Withheld Gross Earnings Employee Arnett Cruz Edwards Harvin Nicks Shiancoe Ward 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)
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