Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following 3 employees are PAID monthly and this is the last payday of the year ( Dec ) . Gross and Net Pay for

The following 3 employees are PAID monthly and this is the last payday of the year (Dec). Gross and Net Pay for all employees has remained the same all year.
Besides the Federal and FICA taxes withheld, the employee also has State W/H (use the Indiana rate from class notes) and assume each employee lives in Marion county.
1. Emlie D.-regular pay $15,900/401K $1,500/ Medical $1,100
2. Kaira J.- regular pay $15,100/401K $1,300/ Medical $950
3. Eric. W.- regular pay $ 5,100/401K $400/ Medical $550
**Federal W/H have been provided for you in the Excel template**
Before answering questions 13-22 you may want to fill out your own template and compare to the given one.
Figure the Form 941 and W2 amounts.
What is line 3 of Form 941?
For line 5a of Form 941, what is Emlie's 4th Qtr Social Security taxable wages?
For line 5a of Form 941, what is Kaira's 4th Qtr Social Security taxable wages?
What is the total of Month 1 for line 16 of Form 941(remember the payroll is set up as monthly and Not Weekly as in previous weeks).
What is the total of Month 2 for line 16 of Form 941(remember the payroll is set up as monthly and Not Weekly as in previous weeks).
What is the total of Month 3 for line 16 of Form 941(remember the payroll is set up as monthly and Not Weekly as in previous weeks).
What is Box 1 of the W2 for Emlie?
What is Box 2 of the W2 for Emlie?
What is Box 3 of the W2 for Emlie?
What is Box 5 of the W2 for Emlie?
What is Box 17 of the W2 for Emlie?
What is Box 19 of the W2 for Emlie?
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

10th Edition

324300980, 978-0324300987

More Books

Students also viewed these Accounting questions