Fill out TAX FORM W-2
Candace Zachary is a small business owner who owns 100 percent of a corporation, Doc AlmightyA Professional Corporation, that operates a cash basis, calendar year, medical practice. The company's gross receipts from services for 2019 were $1,420,000. The corporation also earned interest of $23 and dividends from a publicly traded corporation of $123. Business expenses were as follows: Dr. Zachary's salary $ 649,500 Salaries and wages (not for officers) 362,500 Employee benefits 77,073 Retirement contributions 110,200 Rent on premises 88,000 Office expenses including supplies, utilities, and custodial 46.890 Federal corporate income tax for 2018 -- Not deductible on Form 1120 5,500 DepreciationPer Books (Tax depreciation = $64,200) 42,500 Distributions for the year 22,500 The balance sheet of the corporation per books (for Schedule K) follows: Cash $260,000 $317,983 Equipment 200,000 200,000 Investments 40,000 40.000 Accumulated depreciation - 77,500 - 120,000 Capital stock $100,000 $100,000 Retained earnings 322,500 337,837 # The taxable income of a professional service corporation is taxed at a flat rate of 21% + Any additional information such as Social Security numbers, Employer ID numbers, etc. is not needed. a Employee's social security number 22222 OMB No. 1545-0008 b Employer identification number (EIN) 1 Wages, tips, other compensation 2 Federal income tax withheld c Employer's name, address, and ZIP code 3 Social security wages 4 Social security tax withheld 5 Medicare wages and tips 6 Medicare tax withheld 7 Social security tips 8 Allocated tips d Control number 9 10 Dependent care benefits e Employee's first name and initial Last name Suff. 11 Nonqualified plans 12a 13 Statutory Retirement plan Third-party sick pay 12b employee a 14 Other 12c 12d f Employee's address and ZIP code 15 State Employer's state ID number 16 State wages, tips, etc. 17 State income tax 18 Local wages, tips, etc. 19 Local income tax 20 Locality name Form W-2 Wage and Tax Statement 2020 Department of the Treasury - Internal Revenue Service Copy 1 -For State, City, or Local Tax Department Candace Zachary is a small business owner who owns 100 percent of a corporation, Doc AlmightyA Professional Corporation, that operates a cash basis, calendar year, medical practice. The company's gross receipts from services for 2019 were $1,420,000. The corporation also earned interest of $23 and dividends from a publicly traded corporation of $123. Business expenses were as follows: Dr. Zachary's salary $ 649,500 Salaries and wages (not for officers) 362,500 Employee benefits 77,073 Retirement contributions 110,200 Rent on premises 88,000 Office expenses including supplies, utilities, and custodial 46.890 Federal corporate income tax for 2018 -- Not deductible on Form 1120 5,500 DepreciationPer Books (Tax depreciation = $64,200) 42,500 Distributions for the year 22,500 The balance sheet of the corporation per books (for Schedule K) follows: Cash $260,000 $317,983 Equipment 200,000 200,000 Investments 40,000 40.000 Accumulated depreciation - 77,500 - 120,000 Capital stock $100,000 $100,000 Retained earnings 322,500 337,837 # The taxable income of a professional service corporation is taxed at a flat rate of 21% + Any additional information such as Social Security numbers, Employer ID numbers, etc. is not needed. a Employee's social security number 22222 OMB No. 1545-0008 b Employer identification number (EIN) 1 Wages, tips, other compensation 2 Federal income tax withheld c Employer's name, address, and ZIP code 3 Social security wages 4 Social security tax withheld 5 Medicare wages and tips 6 Medicare tax withheld 7 Social security tips 8 Allocated tips d Control number 9 10 Dependent care benefits e Employee's first name and initial Last name Suff. 11 Nonqualified plans 12a 13 Statutory Retirement plan Third-party sick pay 12b employee a 14 Other 12c 12d f Employee's address and ZIP code 15 State Employer's state ID number 16 State wages, tips, etc. 17 State income tax 18 Local wages, tips, etc. 19 Local income tax 20 Locality name Form W-2 Wage and Tax Statement 2020 Department of the Treasury - Internal Revenue Service Copy 1 -For State, City, or Local Tax Department
