Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Philcon Corporation (P.O. Box 4563, Anchorage, AK 99508; EIN 12-3456789) paid Louise Chugach, an employee who lives at 5471 East Tudor Road, Anchorage, AK 99508,

Philcon Corporation (P.O. Box 4563, Anchorage, AK 99508; EIN 12-3456789) paid Louise Chugach, an employee who lives at 5471 East Tudor Road, Anchorage, AK 99508, wages of $24,554 in 2015. The withholding tax for the year amounted to $6,050.40, and the FICA tax withheld was $1,878.38 ($1,522.35 for Social Security and $356.03 for Medicare). Louises FICA wages were the same as her total wages. Her Social Security number is 545-64-7745.

Enter all amounts as positive numbers.

a. Complete the following Form W-2 for Louise Chugach from Philcon Corporation. If required, round your answers to two decimal places.

a Employee's social security number

545-64-7745

OMB No. 1545-0008 Safe, accurate, FAST! Use IRSe ~ file Visit the IRS website at www.irs.gove/efile
b Employer identification number (EIN) 12-3456789 1 Wages, tips, other compensation 2 Federal income tax withheld
c Employer's name, address, and ZIP code Philcon Corporation, P.O. Box 4563, Anchorage, AK 99508 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 Louise Last name Chugach Suff. 11 Nonqualified plans 12a See instructions for box 12
C o d e
5471 East Tudor Road, Anchorage, AK 99508 13
Statutory employee Retirement plan Third-party sick pay
12b
C o d e
14 Other 12c
C o d e
12d
C o d e
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 2015 Department of the TreasuryInternal Revenue Service
Copy BTo Be Filed With Employee's FEDERAL Tax Return. This information is being furnished to the Internal Revenue Service.

Feedback

On or before January 31 of the year following the calendar year of payment, an employer must furnish to each employee two copies of the employee's Wage and Tax Statement, Form W-2, for the previous calendar year.

b. Philcon Corporation also paid $900 to Ralph Kincaid for presenting a management seminar. Ralph lives at 1455 Raspberry Road, Anchorage, AK 99508, and his Social Security number is 475-45-3226.

Complete the following Form 1099-MISC for the payment to Ralph from Philcon Corporation.

VOID CORRECTED
PAYER'S name, street address, city or town, province or state, country, ZIP or foreign postal code, and telephone no. Philcon Corporation, P.O. Box 4563, Anchorage, AK 99508 1 Rents OMB No. 1545-0115

2015

Form 1099-MISC
Miscellaneous Income
$
2 Royalties
$
3 Other income 4 Federal income tax withheld Copy 1 For State Tax Department
$ $
PAYER'S federal identification number RECIPIENT'S identification number 5 Fishing boat proceeds 6 Medical and health care payments
12-3456789 475-45-3226 $ $
RECIPIENTS name Ralph Kincaid Street address (including apt. no.) 1455 Raspberry Road City, state, and ZIP or foreign postal code Anchorage, AK 99508 7 Nonemployee compensation 8 Substitute payments in lieu of dividends or interest This is important tax information and is being furnished to the Internal Revenue Service. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported.
$ $
9 Payer made direct sales of $5,000 or more of consumer products to a buyer (recipient) for resale 10 Crop insurance proceeds
$
11 12
Account number (see instructions) FATCA filing requirement 13 Excess golden parachute payments 14 Gross proceeds paid to an attorney
$ $
15a Section 409A deferrals 15b Section 409A income 16 State tax withheld 17 State/Payers state no. 18 State income
$ $
$ $ $ $
Form 1099-MISC www.irs.gov/form1099misc Department of the Treasury - Internal Revenue Service

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

Recommended Textbook for

Sarbanes Oxley Internal Controls Effective Auditing With AS5 CobiT And ITIL

Authors: Robert R. Moeller

1st Edition

0470170921, 978-0470170922

More Books

Students also viewed these Accounting questions

Question

Assess three steps in the selection process.

Answered: 1 week ago

Question

Identify the steps in job analysis.

Answered: 1 week ago