Problem 9-14 Employer Reporting Requirements (LO 9.5) Philcon Corporation created the following 2020 employee payroll report for one of its employees. Philcon Corporation Employee Payroll Report 2020 EIN: 12-3456789 PO Box 4563 Anchorage, AK 99508 Perlod Gross Pay Emp ID Name Date YTD Gross Pay $12,100.00 FIT W/h / SS Tax w/h Med Tax w/h Net Pay A1246G Louise Chugach 1/31/2020 $12,100.00 1,990.94 $750.20 $175.45 $9,183.41 Wage Type Monthly Monthly Bonus A1246G Louise Chugach 2/28/2020 24,200.00 1,990.94 750.20 175.45 9,183.41 12,100.00 6,400.00 A1246G Louise Chugach 3/15/2020 30,600.00 1,408.00 396.80 92.80 4,502.40 A1246G Louise Chugach Monthly 3/31/2020 12,100.00 42,700.00 1,990.94 750.20 175.45 9,183.41 A1246G Monthly 4/30/2020 12,100.00 54,800.00 750.20 175.45 9,183.41 1,990.94 1,990.94 A1246G Monthly 5/31/2020 12,100.00 66,900.00 750.20 175.45 9,183.41 A1246G Monthly 6/30/2020 12,100.00 79,000.00 1,990.94 750.20 175.45 9,183.41 Louise Chugach Loulse Chugach Louise Chugach Loulse Chugach Louise Chugach Loulse Chugach A1246G Monthly 7/31/2020 12,100.00 91,100.00 1,990.94 750.20 175.45 9,183.41 A1246G Monthly 8/31/2020 103,200.00 1,990.94 750.20 175.45 9,183.41 12,100.00 12,100.00 A1246G 9/30/2020 115,300.00 1,990.94 750.20 175.45 9,183.41 Monthly Monthly A1246G 10/31/2020 12,100.00 127,400.00 1,990.94 750.20 175.45 9,183.41 Louise Chugach Loulse Chugach A1246G Monthly 11/30/2020 12,100.00 139,500.00 1,990.94 638.60 175.45 9,183.41 A1246G Louise Chugach Monthly 12/31/2020 12,100.00 151,600.00 1,990.94 175.45 9,933.61 A1246G Louise Chugach YTD Total $151,600.00 $25,299.28 $8,537.40 $2,198.20 $115,565.12 Employee Mailing Address: Louise Chugach 5471 East Tudor Road Anchorage, AK 99508 SSN: 545-64-7745 Enter all amounts as positive numbers. If required, round your answers to two decimal places. a. Complete the following Form W-2 for Louise Chugach from Philcon Corporation. Visit the IRS website at a Employee's social security number 545-64-7745 OMB No. 1545-0008 Safe, accurate, FAST! Use IRSE ~ ise file www.irs.gov/efile b Employer identification number (EIN) 12-3456789 1 Wages, tips, other compensation 151,600 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 137,700 4 Social security tax withheld 8,537.40 5 Medicare wages and tips 5 151,600 6 6 Medicare tax withheld 2,198.20 7 Social security tips 8 Allocated tips d Control number 9 10 Dependent care benefits e Employee's first name and initial Philcon Corporation Last name Chugach Suff. 11 Nonqualified plans 12a See instructions for box 12 . o d e 5471 East Tudor Road, Anchorage, AK 99508 12b 13 Statutory Retirement Third- employee plan party sick pay o d U 14 Other 12c o d e 12d O f Employee's address and ZIP code 16 State wages, tips, 17 State income 19 Local income 15 State Employer's state ID number 18 Local wages, tips, etc. 20 Locality name etc. tax tax AK Form W-2 wage and Tax Statement 2020 Department of the Treasury-Internal Revenue Service Copy B-To Be Filed With Employee's FEDERAL Tax Return. This Information is being furnished to the Internal Revenue Service. b. Philcon Corporation also paid $1,100 to Ralph Kincaid for presenting a management seminar. Ralph is not a Philcon employee and lives at 1455 Raspberr Complete the Form 1099-NEC for the payment to Ralph from Philcon Corporation. CORRECTED (if checked) PAYER'S name, street address, city or town, province or state, country, ZIP or foreign postal code, and telephone no. OMB No. 1545- 0115 Ralph Kincaid 1455 Raspberry Road, Anchorage, AK 99508 2020 Nonemployee Compensation Form 1099- MISC 1 Nonemployee compensation $ PAYER'S TIN RECIPIENT'S TIN Copy B For Recipient 12-3456789 12-3456789 RECIPIENT'S name 3 Ralph Kincaid 4 Federal income tax withheld Street address (including apt. no.) 1455 Raspberry Road This is important tax information and is being furnished to the IRS. 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. $ City or town, state or province, country, and ZIP or foreign postal code Anchorage, AK 99508 FATCA filing requirement Account number (see instructions) 5 State tax withheld State Income 6 State/Payer's 7 state no. $ $ Form 1099-NEC (keep for your records) www.irs.gov/Form 1099NEC Department of the Treasury - Internal Revenue Service Problem 9-14 Employer Reporting Requirements (LO 9.5) Philcon Corporation created the following 2020 employee payroll report for one of its employees. Philcon Corporation Employee Payroll Report 2020 EIN: 12-3456789 PO Box 4563 Anchorage, AK 99508 Perlod Gross Pay Emp ID Name Date YTD Gross Pay $12,100.00 FIT W/h / SS Tax w/h Med Tax w/h Net Pay A1246G Louise Chugach 1/31/2020 $12,100.00 1,990.94 $750.20 $175.45 $9,183.41 Wage Type Monthly Monthly Bonus A1246G Louise Chugach 2/28/2020 24,200.00 1,990.94 750.20 175.45 9,183.41 12,100.00 6,400.00 A1246G Louise Chugach 3/15/2020 30,600.00 1,408.00 396.80 92.80 4,502.40 A1246G Louise Chugach Monthly 3/31/2020 12,100.00 42,700.00 1,990.94 750.20 175.45 9,183.41 A1246G Monthly 4/30/2020 12,100.00 54,800.00 750.20 175.45 9,183.41 1,990.94 1,990.94 A1246G Monthly 5/31/2020 12,100.00 66,900.00 750.20 175.45 9,183.41 A1246G Monthly 6/30/2020 12,100.00 79,000.00 1,990.94 750.20 175.45 9,183.41 Louise Chugach Loulse Chugach Louise Chugach Loulse Chugach Louise Chugach Loulse Chugach A1246G Monthly 7/31/2020 12,100.00 91,100.00 1,990.94 750.20 175.45 9,183.41 A1246G Monthly 8/31/2020 103,200.00 1,990.94 750.20 175.45 9,183.41 12,100.00 12,100.00 A1246G 9/30/2020 115,300.00 1,990.94 750.20 175.45 9,183.41 Monthly Monthly A1246G 10/31/2020 12,100.00 127,400.00 1,990.94 750.20 175.45 9,183.41 Louise Chugach Loulse Chugach A1246G Monthly 11/30/2020 12,100.00 139,500.00 1,990.94 638.60 175.45 9,183.41 A1246G Louise Chugach Monthly 12/31/2020 12,100.00 151,600.00 1,990.94 175.45 9,933.61 A1246G Louise Chugach YTD Total $151,600.00 $25,299.28 $8,537.40 $2,198.20 $115,565.12 Employee Mailing Address: Louise Chugach 5471 East Tudor Road Anchorage, AK 99508 SSN: 545-64-7745 Enter all amounts as positive numbers. If required, round your answers to two decimal places. a. Complete the following Form W-2 for Louise Chugach from Philcon Corporation. Visit the IRS website at a Employee's social security number 545-64-7745 OMB No. 1545-0008 Safe, accurate, FAST! Use IRSE ~ ise file www.irs.gov/efile b Employer identification number (EIN) 12-3456789 1 Wages, tips, other compensation 151,600 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 137,700 4 Social security tax withheld 8,537.40 5 Medicare wages and tips 5 151,600 6 6 Medicare tax withheld 2,198.20 7 Social security tips 8 Allocated tips d Control number 9 10 Dependent care benefits e Employee's first name and initial Philcon Corporation Last name Chugach Suff. 11 Nonqualified plans 12a See instructions for box 12 . o d e 5471 East Tudor Road, Anchorage, AK 99508 12b 13 Statutory Retirement Third- employee plan party sick pay o d U 14 Other 12c o d e 12d O f Employee's address and ZIP code 16 State wages, tips, 17 State income 19 Local income 15 State Employer's state ID number 18 Local wages, tips, etc. 20 Locality name etc. tax tax AK Form W-2 wage and Tax Statement 2020 Department of the Treasury-Internal Revenue Service Copy B-To Be Filed With Employee's FEDERAL Tax Return. This Information is being furnished to the Internal Revenue Service. b. Philcon Corporation also paid $1,100 to Ralph Kincaid for presenting a management seminar. Ralph is not a Philcon employee and lives at 1455 Raspberr Complete the Form 1099-NEC for the payment to Ralph from Philcon Corporation. CORRECTED (if checked) PAYER'S name, street address, city or town, province or state, country, ZIP or foreign postal code, and telephone no. OMB No. 1545- 0115 Ralph Kincaid 1455 Raspberry Road, Anchorage, AK 99508 2020 Nonemployee Compensation Form 1099- MISC 1 Nonemployee compensation $ PAYER'S TIN RECIPIENT'S TIN Copy B For Recipient 12-3456789 12-3456789 RECIPIENT'S name 3 Ralph Kincaid 4 Federal income tax withheld Street address (including apt. no.) 1455 Raspberry Road This is important tax information and is being furnished to the IRS. 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. $ City or town, state or province, country, and ZIP or foreign postal code Anchorage, AK 99508 FATCA filing requirement Account number (see instructions) 5 State tax withheld State Income 6 State/Payer's 7 state no. $ $ Form 1099-NEC (keep for your records) www.irs.gov/Form 1099NEC Department of the Treasury - Internal Revenue Service