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Figure out (c) , (d) and (e) based off the following information. Wage and Tax Statement Data on Employer FCA Tax Enrich Co, began business
Figure out (c) , (d) and (e) based off the following information.
Wage and Tax Statement Data on Employer FCA Tax Enrich Co, began business on Jacuary 2, 20rs. Salaries were pald 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 feceives half the monthly salary for that month. Alt required payroll tax reports were fled, and the correct amounk of payroll taxes was remitted by the company for the calendar year. Early in 20 r9, before the Wage and Tax Statements (Form None of the employees resigned or were discharged during the year, and there were no changes in salary rates, The social security tax was withbeld at the rate of 6.0% and Medicare tax at the rate of 1.5%. Oata on dates of employment, salary rates, and employees' income taxes withheld, which are summarized as follows, were obtained from personnel records and payroil recordit 1. Determine the amounts to be reported on each employee's Wage and Tax statement (Form W-2) for 20yg. Enter amounts to the nearest cent if required, Enter th amounts as positive numbers. 2. Compute the following emplayer parroll taxes fohthe year: (a) sociai security; (b) Medicare; (c) state unemployment compensation at 5.4 wh on the fint $10,000 of esch employee's earnings; (d) federal unemployment compensation at 0.6% on the first $10,000 of each employee's earnings; (e) total. (a) (b) (c) (d) (e) Step by Step Solution
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