Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
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: Employee Monthly Salary Date First Employed Arnett Cruz Edwards Harvin Nicks Shiancoe Ward Nov. 16 Jan. 2 Oct. 1 Dec. 1 Feb. 1 Mar. 1 Nov. 16 $ 5,500 4,800 8,000 6,000 10,000 11,600 5,220 Monthly Federal Income Tax Withheld $ 944 833 1,592 1,070 2,350 2,600 876 Instructions 1. Determine the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 20Y8, arranging the data in the following form: Employee Gross Earnings Federal Income Social Security Tax Withheld Tax Withheld Medicare Tax Withheld 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. Pr. 11-3A Problem 11-34 Name: Section: Score: Answers are entered in the cells with gray backgrounds Cells with non-gray backgrounds are protected and cannot be edited An asterisk will appear to the right of an incorrect entry Amounts to Be Reported on Wage and Tax Statements (Form W-2) Gross Earnings Federal Income Tax Withheld Social Security Tax Withheld Medicare Tax withheld Employee Art Cruz Edwards Harvin Nicks Shiance Ward Totals Employer Payroll Taxes & Social security tax paid by employer b. Medicare tax paid by employer cand d SUTAJFUTA Earnings Employee Amen Cruz Edwards Harvin State unemployment compensation to Shance Ward Total Federal unemployment compensation tax e Total employer payroll taxes

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions