Philcon Corporation (P.O. Box 4563, Anchorage, AK 99508; EIN 12-3456789) paid Louise Chugach, an employee who lives

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Philcon Corporation (P.O. Box 4563, Anchorage, AK 99508; EIN 12-3456789) paid Louise Chugach, an employee who lives at 5471 East Tudor Road, Anchorage, AK 99508, wages of $24,554 in 2015. The withholding tax for the year amounted to $6,050.40, and the FICA tax withheld was $1,878.38 ($1,522.35 for Social Security and $356.03 for Medicare). Louise's FICA wages were the same as her total wages. Her Social Security number is 545-64-7745.
a. Complete the following Form W-2 for Louise Chugach from Philcon Corporation.
b.
Philcon Corporation also paid $900 to Ralph Kincaid for presenting a management seminar. Ralph lives at 1455 Raspberry Road, Anchorage AK 99508, and his Social Security number is 475-45-3226. Complete the following Form 1099-MISC for the payment to Ralph from Philcon Corporation.
align="center">Philcon Corporation (P.O. Box 4563, Anchorage, AK 99508; EIN 12-3456789)
Philcon Corporation (P.O. Box 4563, Anchorage, AK 99508; EIN 12-3456789)
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Income Tax Fundamentals 2016

ISBN: 9781337343527

34th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

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