Question
Quarter, Inc. began operations on January 2, 2018. If the employee is recruited in the middle of month will receive half the salary for the
Quarter, Inc. began operations on January 2, 2018. If the employee is recruited in the middle of month will receive half the salary for the month. None of the employees were fired. There was no changes in the payment of wages. During 2018 the social security salary cap was $97,500.00 and for FUTA & SUTA was $7,000. From the personnel records we got the following information:
Employee | Start date | Monthly Salary | Contribution on retained income monthly |
Sanchez | January 16 | 7,400 | 1,548 |
Rivera | Nov 1 | 3,000 | 544.20 |
Trovato | January 2 | 2,500 | 465.14 |
Soler | July 16 | 4,000 | 727.36 |
Matos | January 2 | 9,000 | 1,877.40 |
Arocho | May 1 | 4,000 | 744.75 |
Soto | February 16 | 5,450 | 1,109.16 |
Calculate the amounts to be reported on form W - 2 by 2018.
Employee | Total income | Income contribution | social security withheld | Medicare withheld | Total deductions | Net income |
Totals |
2. Calculate the following employer contributions for the year. A. Social Security (the portion paid by the employer) B. Medicare (the employer-paid portion) C. Futa D. Suta
Prepare the wage and salary entries for the payroll and contribution.
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