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Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, calculate hourly rates and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827 Weekly rate ($1,827 x 12)/52 = $421.615 rounded to $421.62 Hourly rate $421.62/40 = $10.540 rounded to $10.54 .T. rate $10.54 x 1.5 = $15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Figure 4.8 and Figure 4.10. During the first full week of 2020, the Payroll Department of Quigley Corporation is preparing the Forms W-2 for distribution to its employees along with their payroll checks on January 10. In this problem, you will complete six of the forms in order to gain some experience in recording the different kinds of information required. Assume each employee earned the same weekly salary for each of the 52 paydays in 2019. Using the following information obtained from the personnel and payroll records of the firm, complete Copy A of the four Forms W-2 reproduced below. On the second half of the problem (PR 04-13A (Part 2)) you will complete the other two W-2s and the W-3. The form is to be signed by the president, Kenneth T. Ford, and is prepared by Ralph I. Volpe. Company Information: Address: 4800 River Road Philadelphia, PA 19113-5548 Pennsylvania state identification number: 00-0-1066 Telephone number: (215) 555-0017 Federal identification number: 00-0000972 Fax number: (215) 555-0010 Philadelphia identification number: 0001895 Income Tax Information: The wage-bracket method is used to determine federal income tax withholding. Calculate the annual federal income ax withheld by using the weekly wage-bracket table and multiply the answer by 52. The other taxes withheld are shown below. Employee Data Payroll Data Annual Taxes Withheld Randy A. Kellison Single, 1 allowance Social security tax withheld $2,305.16 54 Gradison Place $715 per week Medicare tax withheld 539.24 Philadelphia, PA 19113-4054 SS#: 000-00-4310 State income tax withheld 1,141.40 Deduction for 401(k) plan: $50/week Local income tax withheld 1,446.64 State unemployment tax withheld** 22.36 Ralph I. Volpe Married, 1 allowance Social security tax withheld 2,530.84 56 Andrews Court, Apt. 7 $785 per week Medicare tax withheld 591.76 Philadelphia, PA 19103-3356 SS#: 000-00-8804 State income tax withheld 1,253.20 Dependent care payment: $950 Local income tax withheld 1,588.08 $70/week-401(k) State unemployment tax withheld** 24.44 Randi A. Myer Single, 0 allowances Social security tax withheld 2,853.24 770 Camac Street $885 per week Medicare tax withheld 667.16 Philadelphia, PA 19101-3770 SS#: 000-00-3316 State income tax withheld 1,412.84 Union dues withheld: $102 Local income tax withheld 1,790.36 State unemployment tax withheld** 27.56 Kenneth T. Ford Married, 7 allowances Social security tax withheld 4,368.69338 North Side Avenue $1,350 per week Medicare tax withheld 1,021.97 Philadelphia, PA 19130-6638 SS#: 000-00-6839 State income tax withheld 2,155.40 Cost of group-term life insurance Local income tax withheld 2,731.04 exceeding $50,000: $262.75* State unemployment tax withheld** 42.12 $100/week-401(k) Chrissy C. Carman Married, 3 allowances Social security tax withheld 2,643.68 4900 Gladwynne Terrace $820 per week Medicare tax withheld 618.28 Philadelphia, PA 19127-0049 SS#: 000-00-5771 State income tax withheld 1,308.84 Union dues withheld: $102 Local income tax withheld 1,658.80 State unemployment tax withheld** 25.48 Hal B. Zuber Single, 1 allowance Social security tax withheld 2,546.96 480-A Hopkinson Tower $790 per week Medicare tax withheld 595.92 Philadelphia, PA 19101-3301 SS#: 000-00-8703 State income tax withheld 1,261.00 Educational assistance payments Local income tax withheld 1,598.48 (job-required): $675 $50/week-401(k) State unemployment tax withheld** 24.44 The cost of excess group-term life insurance is added to gross wages for federal income tax, Social Security, and Medicare. Employers withhold OASDI and HI tax on these amounts but are not required to withhold federal income tax. The cost is not added to gross wages for state and local taxes; therefore, it is not subject to those taxes (See Figure 4.7). "State unemployment tax withheld for Pennsylvania labeled as PA SUI on Form W-2 Box 14. If an amount box does not require an entry, leave it blank. Round your calculations and final answers to the nearest cent. Note: You must enter in the hyphens in the social security numbers, employer identification number, etc. Click here to access the Wage-Bracket Method Tables. a Employee's social security number For Official Use Only 22222 Void OMB No. 1545-0008 b Employer identification number (EIN) 1 Wages, tips, other compensation 2 Federal income tax withheld 3 Social security wages 4 Social security tax withheld c Employer's name, address, and ZIP code 5 Medicare wages and tips 6 Medicare tax withheld Quigley Corporation 4800 River Road Philadelphia, PA 19113-5548 7 Social security tips 8 Allocated tips 10 Dependent care benefits d Control number 9 Verification code e Employee's first name and initial Last name Suff. 11 Nonqualified plans 12a See instructions for box 12 Randy A. Kellison Code 13 54 Gradison Place 12b Code $ Philadelphia, PA 19113-4054 14 Other 12c Codef Employee's address and ZIP code 12d 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 Department of the Treasury-Internal Revenue Service Form W-2 Wage and Tax Statement 20-- For Privacy Act and Paperwork Reduction Act Notice, see back of Copy D. a Employee's social security number For Official Use Only 22222 Void a OMB No. 1545-0008 b Employer identification number (EIN) 1 Wages, tips, other compensation 2 Federal income tax withheld 3 Social security wages 4 Social security tax withheld c Employer's name, address, and ZIP code 5 Medicare wages and tips 6 Medicare tax withheld Quigley Corporation 4800 River Road Philadelphia, PA 19113-5548 7 Social security tips 8 Allocated tips $ 10 Dependent care benefits d Control number 9 Verification code e Employee's first name and initial Last name Suff. 11 Nonqualified plans 12a See instructions for box 12 Ralph I Volpe Code 13 $ 56 Andrews Court, Apt. 7 12b code $ Philadelphia, PA 19103-3356 14 Other 12 c code $ f Employee's address and ZIP code 12d 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 nameForm w-z Wage and Tax Statement b Employer identication number (EIN) [:J c Employer's name, address, and ZIP code Quigley Corporation 4800 River Road Philadelphia, PA 19113-5548 d Control number e Employee's rst name and initial Randi A. 770 Camac Street Philadelphia, PA 19101-3770 f Employee's address and ZIP code 15 State Form W-2 Wage and Tax Statement h Employer identication number (EIN) :] c Employer's name, address, and ZIP code a Employee's social security number 1 Wages, tips, other compensation :J 3 Social security wages :] 5 Medicare wages and tips :1 7 Social security tips : 9 Verication code 11 Nonqualied plans E 14 Other a Employee's social security number :1 1 Wages, tips, other compensation 1*: 3 Social security wages For Ofcial Use Only OMB No. 1545-0008 For Official Use Only OMB No. 1545-0008 Department of the TreasuryInternal Revenue Service For Privacy Act and Paperwor Reduction Act Notice, see back of copy D. 2 Federal income tax withheld 4 Social security tax withheld 6 Medicare tax withheld 10 Dependent care benets 12a See instructions for box 12 20 Locality name Department of the TreasuryInternal Revenue Service For Privacy Act and Paperwor Reduction Act Notice, see back of Copy D. 2 Federal income tax withheld *[:J 4 Social security tax withheld 3 Social security wages 4 Social security tax withheld c Employer's name, address, and ZIP code $ $ 5 Medicare wages and tips 6 Medicare tax withheld Quigley Corporation $ $ 4800 River Road Philadelphia, PA 19113-5548 7 Social security tips 8 Allocated tips $ $ 10 Dependent care benefits d Control number 9 Verification code $ e Employee's first name and initial Last name Suff. 11 Nonqualified plans 12a See instructions for box 12 Kenneth T. Ford Code 13 $ 12b orth Side Avenue Code $ Philadelphia, PA 19130-6638 14 Other 12c f Employee's address and ZIP code Code 12d 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 $ A $ to Department of the Treasury-Internal Revenue Service Form W-2 Wage and Tax Statement 20-- For Privacy Act and Paperwork Reduction Act Notice, see back of Copy D
