Business, 31.10.2020 03:40 majakvcvc77
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:
Employee Date First Monthly Monthly
Employed Withheld Income Tax
Salary Withheld
Arnett Nov. 16 $6,000 $1,132
Cruz Jan. 2 4,600 798
Edwards Oct. 1 8,200 1,632
Harvin Dec. 1 5,900 1,052
Nicks Feb. 1 12,000 2,820
Shiancoe Mar. 1 11,300 2,533
Ward Nov. 16 4,700 788
How do you Compute the amounts to be reported for the year 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.
How do you 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 each employee's earnings, (d) federal unemployment compensation at 0.8% on the first $10,000 of each employee's earnings, and (e) total.
Round your answers to two decimal places
Answers: 2
Business, 22.06.2019 10:50, dbhuggybearow6jng
Melissa is a very generous single woman. before this year, she had given over $11,400,000 in taxable gifts over the years and has completely exhausted her applicable credit amount. in the current year, melissa gave her daughter riley $100,000 and promptly filed her gift tax return. melissa did not make any other gifts this year. how much gift tax must riley pay the irs because of this transaction?
Answers: 2
Business, 22.06.2019 17:30, Envious1552
Gary lives in an area that receives high rainfall and thunderstorms throughout the year. which device would be useful to him to maintain his computer?
Answers: 2
Business, 22.06.2019 22:50, kelseeygee
What is the difference between the contractual interest rate and the market interest rate?
Answers: 1
Business, 22.06.2019 23:30, paigeyadon13
At the save the fish nonprofit organization, jenna is responsible for authorizing outgoing payments, rob takes care of recording the payments in the organization's computerized accounting system, and shannon reconciles the organization's bank statements each month. this internal accounting control is best known as a(n) a. distribution process. b. segregation of duties c. specialized budget d. annotated financial process
Answers: 2
Wage and Tax Statement Data on Employer FICA Tax
Ehrlich Co. began business on January 2. Salaries...
Physics, 02.03.2021 23:10
Mathematics, 02.03.2021 23:10
Chemistry, 02.03.2021 23:10
Mathematics, 02.03.2021 23:10
English, 02.03.2021 23:10