Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Cap 11-NA minas eBook Wage and Tax Statement Data on Employer FICA Tax Ehrich Co. began business on January 2, 2018. Salaries were paid to
Cap 11-NA minas eBook Wage and Tax Statement Data on Employer FICA Tax Ehrich Co. began business on January 2, 2018. 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 taves was remitted by the company for the calendar year. Early in 2019, 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%. 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: Monthly Income Date First Employee Employed Monthly Salary Tax Withheld Amett Jan. 2 $3,700 $518 Cruz Oct. 1 5,900 1,062 Edwards Apr. 16 2,700 338 Harvin Nov. 1 2,200 275 Nicks Jan. 16 5,800 1,305 Shiancoe Dec. 1 3,100 481 Werd Feb. 1 6,900 1,484 Werd Feb. 1 6,900 1,484 Required: 1. Determine the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 2013. Round amounts to the nearest whole dollar and enter all amounts as positive values, Employee Gross Earnings Federal Income Tax Withheld Social Security Tax Withheld Medicare Tax Withheld Ammatt 44,400 6,216 2,664 666 Cruz 17,700 3,186 v 1,062 v 200 Edwards 21,600 X 2,704 X 1,296 X 324 X Harvin 4,400 550 264 Nicks 63,800 X 14,355 X 3,828 X 950 X Shiancoe Ward 3,100 75,900 481 16,324 v 186 47 4,554 13,854 X 1,139 3,143 X 2. 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 0.6% on the first $10,000 of each employee's earnings; (e) total. Round amounts to the nearest whole dollar and enter all amounts as positive values. 13,854 X Cap 11-NA minas Harvin Nicks eBook 4,400 V 550 V 204 66 63,800 X 14,355 X 3,828 X 959 X Shiancoe 3,100 481 186 47 Word 75,900 10,324 4,554 1,139 V 13,854 X 3,143 X 2. 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 0.6% on the first $10,000 of each employee's earnings: (a) total Round amounts to the nearest whole dollar and enter all amounts as positive values. (e) 13,854 X (b) 3,143 X (c) 12,469 X (d) 1,002 X (4) 30,468 x Check My Work Consider each employee's date of hire. Ramamber there is a limit on how much the employer pays for state and federal unemployment taxes per employee
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started