Amounts to Be Reported on Wage and Tax Statements (Form W-2) Gross Federal Income Social Security Medicare Employee Earnings Tax Withheld Tax Withheld Tax Withheld Arnett $ 8,250.00 $ 1,416.00 $ 495.00 $ 123.75 Cruz 57,600.00 9,996.00 3,456.00 864.00 Edwards 24,000.00 4,776.00 1,440.00 360.00
Amounts to Be Reported on Wage and Tax Statements (Form W-2) Gross Federal Income Social Security Medicare Employee Earnings Tax Withheld Tax Withheld Tax Withheld Arnett $ 8,250.00 $ 1,416.00 $ 495.00 $ 123.75 Cruz 57,600.00 9,996.00 3,456.00 864.00 Edwards 24,000.00 4,776.00 1,440.00 360.00
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter12: Preparing Payroll Records
Section12.2: Determining Payroll Tax Withholding
Problem 1WT
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| Amounts to Be Reported on Wage and Tax Statements (Form W-2) | ||||||||||
| Gross | Federal Income | Social Security | Medicare | |||||||
| Employee | Earnings | Tax Withheld | Tax Withheld | Tax Withheld | ||||||
| Arnett | $ 8,250.00 | $ 1,416.00 | $ 495.00 | $ 123.75 | ||||||
| Cruz | 57,600.00 | 9,996.00 | 3,456.00 | 864.00 | ||||||
| Edwards | 24,000.00 | 4,776.00 | 1,440.00 | 360.00 | ||||||
| Harvin | 6,000.00 | 1,070.00 | 360.00 | 90.00 | ||||||
| Nicks | 110,000.00 | 25,850.00 | 6,600.00 | 1,650.00 | ||||||
| Shiancoe | 116,000.00 | 26,000.00 | 6,960.00 | 1,740.00 | ||||||
| Ward | 7,830.00 | 1,314.00 | 469.80 | 117.45 | ||||||
| Totals | $ 329,680.00 | $ 19,780.80 | $ 4,945.20 | |||||||
| Employer Payroll Taxes | ||||||||||
| a. | Social security tax paid by an employer | $ 19,780.80 | ||||||||
| b. | Medicare tax paid by an employer | 4,945.20 | ||||||||
| c. and d. | ||||||||||
| SUTA/FUTA | ||||||||||
| Employee | Earnings | |||||||||
| Arnett | $ 8,250.00 | |||||||||
| Cruz | 10,000.00 | |||||||||
| Edwards | 10,000.00 | |||||||||
| Harvin | 6,000.00 | |||||||||
| Nicks | 10,000.00 | |||||||||
| Shiancoe | 10,000.00 | State |
3,352.32 | |||||||
| Ward | 7,830.00 | |||||||||
| Total | $ 62,080.00 | Federal unemployment compensation tax | 496.64 | * | ||||||
| e. | Total employer payroll taxes | $ 28,574.96 | * | |||||||
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