I need some assistance in correctly inputting the financial information on the w-2 form. Anyone that can be of assistance will be greatly appreciated. Thanking you in advance for your assistance.

PRACTICE SET 2 ANSWERS Payroll Management Pratice Set 2 Michael Canton Kim Brown Johnathan Reese Pretax Posttax Adjustments Adjustments Pretax Posttax Adjustments Adjustments Pretax Posttax Adjustments Adjustments 1 3 4 1 1 2 1 1 Age 47 34 38 Salary 95,000.00 80,000.00 80,000.00 Weekly Salary 1,826.92 1,538.46 1,538.46 W4 Status Single or Married Number of Exemptions Additional WithHolding M 0 75.00 Self Dependents Total Medical 74.5 74.5 Dental 0.8 59.60 59.60 0.5 111.75 111.75 S 2 S 1 59.60 59.60 37.25 37.25 59.60 59.60 7.63 30.52 30.52 15.26 15.26 7.63 7.63 1.37 5.48 5.48 2.74 2.74 1.37 1.37 Vision $ 50,000 Company Paid Life Insurance Policy Employee Group Term Life 10.00 4 40.00 7.50 40.00 30.00 2 15.00 30 15.00 Dependent Optional Term Life 15.00 8.00 Employee Special Accident Insurance $ 1,000,000 5.00 2 30.00 30.00 1 5.00 5.00 5.00 5.00 5.00 5.00 Health Care Spending 2500 48.08 48.08 2,500 48.08 48.08 1,000.00 19.23 19.23 Dependent Care Spending Account 5000 96.15 96.15 3,750 72.12 72.12 0.06 109.62 109.62 4% 61.54 61.54 401K Plan Garnishments Total Deductions 536.20 466.20 70.00 DEDUCTIONS AND PAYMENTS 331.58 301.58 30.00 75.00 75.00 182.83 92.83 90.00 65 PROJECT: EMPLOYEE W2 PREPARATION Congratulations! When you complete this project, you'll have completed your program. In this project you'll prepare the information for Epic Company's W-2 Wage and Tax Statement. A copy of the IRS form is reproduced with this project. We've previously provided all of the information required for lines 1-17 of the form in Practice Set 2 and Practice Set 3. An interactive PDF version of the answer sheets below is available in the Student Resources folder for this Lesson Group. You'll insert your answers in the PDF file and save the file as PCA_Final_XXXX, with the XXXX being the last four digits of your Ashworth student number. Note: Anything denoted with an N/A does not need to be completed. Good luck. Employee Information Michael Canton works for a small company called the Epic Company. He's the manager. The company provides Web design and computer consulting services. The company also has two other employees, Kim Brown and Johnathan Reese. They're all salaried employees. Mr. Canton makes $95,000 annually, and Kim and Johnathan make $80,000 each. Michael Canton Michael Canton is 47, married to Sylvia, 46, and has two dependent children, ages three and five. Both of the children are in day care at a cost of $4,500 per child. His W-4 status is married with zero exemptions, and he deducts an additional $75.00 withheld each week. He contributes $5,000 annually to his child care flexible spending account, $2,500 to a healthcare flexible spending account, and 6% of his salary to his 401K account. He has enrolled in the medical, dental, and vision insurance plans for his entire family. He purchases additional employee group term life insurance of four times his annual salary and also is enrolled in the employee special accident insurance. He purchases life insurance for his wife at two times his salary. PAYROLL ACCOUNTING AND CONTROLS 81 1. Wages, Tips, Other Compensation ________________ 2. Federal Withheld ________________ 3. Social Security Wages ________________ 4. Social Security Tax Withheld ________________ 5. Medicare Wages and Tips ________________ 6. Medicare Tax Withheld ________________ 7. Social Security Tips ______ N/A______ 8. Allocated Tips ______ N/A______ 9. Blank 10. Dependent Care Benefits ________________ 11. Nonqualified Plans ______ N/A______ 12. 82 12A ________________ 12B ________________ 12C ________________ 12D ________________ 13. Name which box(es) to check ________________ 14. Other ______ N/A______ 15. State ________________ 16. Employer's state ID number ________________ 17. State Income Tax ________________ 18. Local, Wages, Tips, etc. ______ N/A______ 19. Local Income Tax ______ N/A______ 20. Locality name ______ N/A______ PAYROLL ACCOUNTING AND CONTROLS Kim Brown Kim Brown is 34, not married, and has one dependent child, Elaine, age six. Elaine is enrolled in a qualified summer camp at a cost of $3,000 per year. She's also enrolled in a qualified after-school program at $1,000 per year. Kim's W-4 status is single with two exemptions. Kim pays her Mom $500.00 annually to take care of her child. She contributes $3,750 annually to her dependent flexible spending plan, $2,500 to a healthcare flexible spend account, and 4% of salary to her 401K account. Kim has enrolled in medical, dental, and vision insurance plans for her entire family. She purchases additional employee group term life insurance of four times her annual salary and also is enrolled in the employee special accident insurance. 1. Wages, Tips, Other Compensation ________________ 2. Federal Withheld ________________ 3. Social Security Wages ________________ 4. Social Security Tax Withheld ________________ 5. Medicare Wages and Tips ________________ 6. Medicare Tax Withheld ________________ 7. Social Security Tips ______ N/A______ 8. Allocated Tips ______ N/A______ 9. Blank 10. Dependent Care Benefits ________________ 11. Nonqualified Plans ______ N/A______ 12. 12A ________________ 12B ________________ 12C ________________ 12D ________________ 13. Name which box(es) to check PAYROLL ACCOUNTING AND CONTROLS ________________ 83 14. Other ______ N/A______ 15. State ________________ 16. Employer's state ID number ________________ 17. State Income Tax ________________ 18. Local, Wages, Tips, etc. ______ N/A______ 19. Local Income Tax ______ N/A______ 20. Locality name ______ N/A______ Johnathan Reese Johnathan Reese is 38, not married, and has no dependents. His W-4 status is single with one exemption. Johnathan contributes $1,000 to his healthcare account and 4% of his salary to his 401K account. Johnathan is enrolled in the medical, dental, and vision insurance plans. He purchases additional employee group term life insurance of two times his annual salary and is enrolled in the employee special accident insurance. He also pays a weekly student loan garnishment payment of $75.00 per week. 1. Wages, Tips, Other Compensation ________________ 2. Federal Withheld ________________ 3. Social Security Wages ________________ 4. Social Security Tax Withheld ________________ 5. Medicare Wages and Tips ________________ 6. Medicare Tax Withheld ________________ 7. Social Security Tips ______ N/A______ 8. Allocated Tips ______ N/A______ 9. Blank 84 10. Dependent Care Benefits ________________ 11. Nonqualified Plans ______ N/A______ PAYROLL ACCOUNTING AND CONTROLS 12. 12A ________________ 12B ________________ 12C ________________ 12D ________________ 13. Name which box(es) to check ________________ 14. Other ______ N/A______ 15. State ________________ 16. Employer's state ID number ________________ 17. State Income Tax ________________ 18. Local, Wages, Tips, etc. ______ N/A______ 19. Local Income Tax ______ N/A______ 20. Locality name ______ N/A______ PAYROLL ACCOUNTING AND CONTROLS 85 SUBMITTING YOUR WORK When you complete all parts of your project, you must submit all of your work to the school. Keep in mind that the results of this project will be graded. Once you've completed all parts of this assignment, login to the student portal at https://students.ashworthcollege.edu. To log in, you'll need the username and password that you received via email. From the Student Portal page, enter your username and password (Figure 1). Then click Login. Figure 1 The Home or Dashboard page of the Student Portal displays. To access your courses, click Courses in the upper right-hand banner (Figure 2). Figure 2 86 PAYROLL ACCOUNTING AND CONTROLS Click on Courses to access your My Workspace page (Figure 3). Click on More Sites and navigate to the final segment of your program (Figure 4). Figure 3 Figure 4 Click on Assignments on the left-hand navigation menu (Figure 5). Figure 5 PAYROLL ACCOUNTING AND CONTROLS 87 Click on the link for your graded project under Assignment title in the center of your screen (Figure 6). Figure 6 Click on the Choose File button at the bottom of the page to locate and attach your finished project. When you've attached your file, check the Honor Pledge box to confirm that you're submitting your own work for the assignment. Then click Submit (Figure 7). Figure 7 88 PAYROLL ACCOUNTING AND CONTROLS You'll see a confirmation message that tells you your project has been successfully submitted to the school (Figure 8). Figure 8 PAYROLL ACCOUNTING AND CONTROLS 89 Grading Rubric: Employee W-2 Preparation Pre/Post Tax Adjustments Net Salary Calculations Final W-2's Points/Actual Points/Actual Points/Actual Student made a reasonable attempt to complete the project component. 5/ 5/ 5/ Student used the correct format per project directions. 5/ 5/ 5/ Student accurately identified required data for each employee. 5/ 5/ 10/ Student accurately calculated appropriate withholdings, deductions, compensation as required. 10/ 10/ 10/ Grading Considerations Student produced accurate W-2's per answer key. Total Points Possible 20 25 25 50 Total Points Earned (Each Part) Sum of Points from Parts 1-3 = (Project Grade) 90 Total Grade = PAYROLL ACCOUNTING AND CONTROLS