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the answers with the red asterisk are incorrect! PR 11-3B Wage and tax statement data and employer FICA tax OBJ. 2,3 Jocame Inc. began business
the answers with the red asterisk are incorrect!
PR 11-3B Wage and tax statement data and employer FICA tax OBJ. 2,3 Jocame Inc. began business on January 2, 2013. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by the company for the calendar year. Early in 2014, before the Wage and Tax Statements Chapter 11 Current Liabilities and Payroll 531 destroyed Social Security Administration, the cemployees tearingo records were inadvertently no changes in salary rates. The social security tax was withheld at the rate of 6.0% and None of the employees resigned or were discharged during the year, and there were and employees' income taxes withheld, which are summarized as follows, were obtained from personnel records and payroll records: Date First Monthly Monthly Employed Income Tax Salary Withheld July 16 $ 8,160 $1,704 June 1 3,600 533 Feb. 16 6,420 1,238 Jan. 1 4,600 783 Dec. 1 4,500 758 Nov. 16 3,250 446 Wells May 1 10,500 2,359 Instructions 1. Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 2013, arranging the data in the following form: Employee Addai Kasay McGahee Moss Stewart Tolbert Gross Federal Income Social Security Medicare Employee Earnings Tax Withheld Tax Withheld Tax Withheld 2. Calculate the following employer payroll taxes for the year: (a) social security; (b) Medicare; (c) state unemployment compensation at 5.4% on the first $10,000 of each employee's earnings; (d) federal unemployment compensation at 0.8% on the first $10,000 of each employee's earnings: (e) total. ew Share Window Help M96%(%) Tue 11:01 Edited 11-3B_25e T Chart Text 125% Zoom Dv w Add Category Insert Table Shape Media Comment Collaborate Format Or Pr. 11-3B Sol B D E L M Gross Earnings Federal Income Tax Withheld Social Security Tax Withheld Medicare Tax Withheld Employee $ $ Addai Kasay McGahee Moss Stewart Tolbert Wells Totals 44,880 25,200 67,410 55,200 4,500 4.875 84,000 290,145 9,372 3,731 12,999 9,396 758 669 18,872 $ 2,692.80 1,512.00 4.044.60 3,312.00 270.00 292.50 5.040.00 $ 17,163.90 673.20 378.00 1,011.15 828.00 67.50 73.13 1.260.00 $ 4,352.18 $ 2. 2 3 Employer Payroll Taxes Social security tax paid by employer Medicare tax paid by employer $ 17,409.00 b. 4,352.18 15 36 37 c. and d. 39 40 41 42 SUTA/FUTA Earnings $ 10,000 10,000 10.000 10,000 4,500 4.875 10.000 $ 59,375 Employee Addai Kasay McGahee Moss Stewart Tolbert Wells Total 43 44 State unemployment compensation tax 3.206.25 45 46 47 Federal unemployment compensation tax 475.00 48 e. 49 50 Total employer payroll taxes $ 23,588.32 Step by Step Solution
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