Question
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.
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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 |
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