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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
![Ward
Feb. 1
6,300
1,355
Required:
1. Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 2018.
Note: Round amounts to the nearest whole dollar and enter all amounts as positive values.
Employee
Gross
Earnings
Federal Income
Social Security
Medicare
Tax Withheld
Tax Withheld
Tax Withheld
Arnett
3,900
546
234
$
59
Cruz
5,100
918
306
77
Edwards
2,900
363
174
44
Harvin
2,200
275
132
33
<
Nicks
5,650
1,271
339
47
Shiancoe
3,100
481
186
85
Ward
6,300
1,355
378
95
$
1,318
331
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 $10,0
employee's earnings; (d) federal unemployment compensation at 0.6% on the first $10,000 of each employee's earnings; (e) total.
Note: Round amounts to the nearest whole dollar and enter all amounts as positive values.
(a) $
1,745](https://content.bartleby.com/qna-images/question/985bb173-bdb1-4782-bcac-0ba1c8077e38/82ff916b-53eb-4180-a70d-98ef91b74bd6/gywb4j_thumbnail.png)
Transcribed Image Text:Ward
Feb. 1
6,300
1,355
Required:
1. Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 2018.
Note: Round amounts to the nearest whole dollar and enter all amounts as positive values.
Employee
Gross
Earnings
Federal Income
Social Security
Medicare
Tax Withheld
Tax Withheld
Tax Withheld
Arnett
3,900
546
234
$
59
Cruz
5,100
918
306
77
Edwards
2,900
363
174
44
Harvin
2,200
275
132
33
<
Nicks
5,650
1,271
339
47
Shiancoe
3,100
481
186
85
Ward
6,300
1,355
378
95
$
1,318
331
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 $10,0
employee's earnings; (d) federal unemployment compensation at 0.6% on the first $10,000 of each employee's earnings; (e) total.
Note: Round amounts to the nearest whole dollar and enter all amounts as positive values.
(a) $
1,745
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