FINANCIAL ACCOUNTING
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
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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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