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 tax paid by an employer $ 19,780.80 b.Medicare tax paid by an employer 4,945.20 c. and d. SUTA/FUTA Employee Earnings Arnett $ 8,250.00 Cruz 10,000.00 Edwards 10,000.00 Harvin 6,000.00 Nicks 10,000.00 Shiancoe 10,000.00 State unemployment compensation tax 3,352.32 Ward 7,830.00 Total $ 62,080.00 Federal unemployment compensation tax 496.64* e.Total employer payroll taxes $ 28,574.96*

Employees Medicare taxes withheld Amett 123.75 Cruz 864 Edwards 360 Harvin 90 Nicks 1650…

Answered: Amounts to Be Reported on Wage and Tax…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 tax paid by an employer			$ 19,780.80

b.	Medicare tax paid by an employer				4,945.20

c. and d.
		SUTA/FUTA
	Employee	Earnings
	Arnett	$ 8,250.00
	Cruz	10,000.00
	Edwards	10,000.00
	Harvin	6,000.00
	Nicks	10,000.00
	Shiancoe	10,000.00	State unemployment compensation tax	3,352.32
	Ward	7,830.00
	Total	$ 62,080.00	Federal unemployment compensation tax	496.64	*

e.	Total employer payroll taxes				$ 28,574.96	*

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