Instructions 1. Compute the amounts to be reported for the year on each employee's Wage and Tax Statemer (Form W-2), arranging the data as follows. Round all amounts to the nearest cent. Employee Gross Earnings Federal Income Tax Withheld Social Security Tax Withheld Medicare Tax Withheld 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 eac employee's earnings, (d) federal unemployment compensation at 0.8% on the first $10,000 c each employee's earnings, and (e) total. Round all amounts to the nearest cent.
Instructions 1. Compute the amounts to be reported for the year on each employee's Wage and Tax Statemer (Form W-2), arranging the data as follows. Round all amounts to the nearest cent. Employee Gross Earnings Federal Income Tax Withheld Social Security Tax Withheld Medicare Tax Withheld 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 eac employee's earnings, (d) federal unemployment compensation at 0.8% on the first $10,000 c each employee's earnings, and (e) total. Round all amounts to the nearest cent.
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 1MP: The totals line from Nix Companys payroll register for the week ended March 31, 20--, is as follows:...
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