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i need help with question number 2 please Wage and Tox Statement Dato on Employer FlCA Tax Ehrlich Co. began business on January 2, 20r8.
i need help with question number 2 please
Wage and Tox Statement Dato on Employer FlCA Tax Ehrlich Co. began business on January 2, 20r8. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheid in the required amounts. An employee who is hired in the middle of the month receives haif the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payrol taxes was rernitted by the company for the calendar year. Early in 20Y9, before the Wage and Tax Statements (Form W-2) could be prepored for distribution to emplovees and for filing with the Social Secunty 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 tox was withheld at the rate of 6.0% and Medicare tox ot the rate of 1.5%. Data on dates of employment, salary rates, and employees' income taxes withineld, which are surnmarized as follows, were obtained from personnel records and payroll records: 1. Determine the amounts to be reported on each employee's Woge ond Tox Statement (Form W-2) for 20 v8 Round amounts to the nearest whole dollar and enter all amounts as positive values. 1. Determine the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 20Y8. Round amounts to the nearest whole dollar and enter all amounts as positive values. 2. Compute the following employer payroll taxes for the year (a) social secunty; (b) Medicare; (c) state unemployment comperisation ot 5.4% on the first $10,000 of each emplovee's earnings; (d) federal unemployment compe sation 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. (a) (b) (c) (d) (e) Step by Step Solution
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