What is a W-2

Amounts to Be Reported on Wage and Tax Statements (Form W-2)                             Gross   Federal Income   Social Security   Medicare     Employee   Earnings   Tax Withheld   Tax Withheld   Tax Withheld                           Arnett    $    8,250.00    $   1,416.00    $     495.00    $     123.75     Cruz        57,600.00        9,996.00        3,456.00           864.00     Edwards        24,000.00        4,776.00        1,440.00           360.00     Harvin          6,000.00        1,070.00           360.00             90.00     Nicks       110,000.00       25,850.00        6,600.00        1,650.00     Shiancoe       116,000.00       26,000.00        6,960.00        1,740.00     Ward          7,830.00        1,314.00           469.80           117.45     Totals    $ 329,680.00        $ 19,780.80    $   4,945.20                                                                     Employer Payroll Taxes                       a. Social security…

Computing Federal Income Tax Using the table (Refer to Figure 8-4 in the text.), determine the amount of federal income tax an employer should withhold weekly for employees with the following marital status, earnings, and withholding allowances: Marital Status Total Weekly Earnings Number of Allowances Amount of Withholding (a) S $364.80 2 (b) S 445.80 1 (c) M 493.40 3 (d) S 493.60 0 (e) M 702.70 5

1. Match each form name with its associated description. Form 1099-NEC Form 1096 Form W-9       Request for Taxpayer Identification Number and Certification Nonemployee Compensation Annual Summary and Transmittal of U.S. Information Returns 2. The SUTA taxes for an employee whose year-to-date earnings prior to the current period are $12,400, who earns $1,500 during the current period, who works in a state with a credit reduction of 1.5%, and whose state imposes a SUTA tax rate of 2.5% with an associated wage base of $12,600 would be$______ 3. Which of these states does NOT levy SUTA tax on employees as well as employers? Answer:   A.    New Jersey     B.    Alaska     C.    Pennsylvania     D.    Rhode Island

Wage and tax statement data on employer FICA tax Ehrlich Co. began business on January 2. 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 the following year, 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% and Medicare tax at the rate of 1.5% on salary. Data on dates of employment, salary rates, and…

An employer files which of the following forms with the IRS quarterly to report federal wages paid and federal income taxes withheld? Select one: a. W-4 b. 941 c. 940 d. 1099-MISC

Question 5: How much Social Security tax would be owed by an employee who has taxable earnings for Social Security tax of $2,000, and who, prior to the current pay period, has earned $142,500 of taxable earnings for Social Security tax? Answer: A. В. O $18.60 С. O $105.40 D. O $124.00

When recording payroll tax expense, employers will generally include which of the following liabilities in that journal entry? I. Medicare tax II. Social security tax II. Federal unemployment tax IV. State Unemployment tax V. Health Insurance O I and II O , I, II, IV, V O , I, I, IV O , I, II, V

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The number assigned to employers by the IRS for use in submitting and reporting tax payments is: O a. FUTA O b. iPay Oc. EIN O d. TIPN

PSb 3-7 Calculate Federal Income Tax Withholding Using the Percentage Method (2020 Form W-4) For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a 2020 Form W-4. Refer to Appendix A, 2020 Federal Tax Tables in your textbook. Publication 15-T (2020) 1: Julia Jacobsen files as single on her tax return and earned weekly gross pay of 500. For each pay period she makes a 401(k) contribution of 2% of gross pay. Julia checked box 2c on Form W-4, entered $40 on line 4c of the form, and did not enter any information in step 3 of the form. Federal income tax withholding = | 2: Alejandro Wright files as single on his tax return and earned weekly gross pay of 1300. He does not make any retirement plan contributions. Alejandro entered 500 in step 3 of the form and did not enter any information in steps 2 & 4 of the form. Federal income tax withholding = $ Tentative Federal Income Tax Withholding = $ 3: Beatrice Nen files…

1. Who assigns the SUTA tax rate to an employer? Answer:   A.    The Internal Revenue Service     B.    The state in which the employer is located     C.    The Social Security Administration     D.    The American Payroll Association 2. What is the due date for the first quarter FUTA tax? Answer:   A.    April 30     B.    March 30     C.    April 15     D.    None of these options 3. Match each tax with its associated feature. SUTA Self-employment Social Security and Medicare       The employer presently matches the amount employees pay. If net SE income is below $400, no tax is due. The number of laid-off employees may affect it.

Please answer questions 2 and 3 only. Give me the right answers please