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Wage and Tax Statement Data on Employer FICA Tax Gridiron Concepts Co. began business on January 2, 2015. Salaries were paid to employees on the
Wage and Tax Statement Data on Employer FICA Tax Gridiron Concepts Co. began business on January 2, 2015. 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 2016, before the Wage and Tax Statements (Form W-2) could be prepared for distribution to employees and for filing with the Social Security Administration, the employees' earnings records were inadvertently destroyed None of the employees resigned or were discharged during the year, and there were no changes in salary rates. The social security tax was withheld at the rate of 6.0% on the first $100,000 of salary and Medicare tax at the rate of 1.5% on salary. Data on dates of employment, salary rates, and employees' income taxes withheld, which are summarized as follows, were obtained from personnel records and payroll records Monthly Salary Monthly Income Tax Withheld Employee Brooks Croom Fulmer Johnson Nutt Richt Spurrier Date First Employed Jan. 2 Oct. 1 Apr. 16 Nov. 1 Jan. 16 Dec. 1 Feb. 1 $3,400 5,600 2,100 2,300 10,200 3,600 8,200 $503 1,053 260 285 2,295 551 1,771 Required 1. Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 2015. Enter amounts to the nearest cent if required. Enter all amounts as positive numbers
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