Cengage CengageNOWv2 | Online teachin X Cengage Digital Learning X X X m/ilrn/takeAssignment/takeAssignment Ma in . do? invoker- assignments&ta keAssignment Session Locator=assignment-take&inprogress-false & ApI еВook Calculator Print Item Wage and Tax Statement Data on Employer FICA Tax Ehrlich Co. began business on January 2, 20Y8. 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 20Y9, 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 % . 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: Date First Monthly Monthly Income Employee Employed Salary Tax Withheld Arnett Jan. 2 $3,100 $434 Cruz Oct. 1 5,300 954 Edwards Apr. 16 363 2,900 Harvin Nov. 1 2,400 300 Nicks 1,271 Jan. 16 5,650 Shiancoe Dec. 1 481 3,100 Ward Feb. 1 6,800 1,462 Required: Check My Work Next Previous US 19:37 SAMSUNG & 5 8 x + Cengage Digital Learning CengageNOWv2 | Online teachin X Cengage X com/ilrn/takeAssignment/ta keAssignment Ma in . do?invoker= a ssign ments&ta keAssignment Session Locator=assignment-take&inprogress-false rk & Ap Print Item Calculator еВook 1. Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 20Y8. Note: Round amounts to the nearest whole dollar and enter all amounts as positive values. Social Security Medicare Federal Income Gross Tax Withheld Tax Withheld Tax Withheld Earnings Employee 8,250.00 X $ Arnett Cruz Edwards Harvin Nicks Shiancoe < Ward 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 0.6 % on the first $10,000 of each employee's earnings; (e) total. Note: Round amounts to the nearest whole dollar and enter all amounts as positive values. (a) $ (b) S Next Previous Check My Work 19:38 US SAMSUNG DI & % 7 5 r y 1P O
Cengage CengageNOWv2 | Online teachin X Cengage Digital Learning X X X m/ilrn/takeAssignment/takeAssignment Ma in . do? invoker- assignments&ta keAssignment Session Locator=assignment-take&inprogress-false & ApI еВook Calculator Print Item Wage and Tax Statement Data on Employer FICA Tax Ehrlich Co. began business on January 2, 20Y8. 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 20Y9, 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 % . 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: Date First Monthly Monthly Income Employee Employed Salary Tax Withheld Arnett Jan. 2 $3,100 $434 Cruz Oct. 1 5,300 954 Edwards Apr. 16 363 2,900 Harvin Nov. 1 2,400 300 Nicks 1,271 Jan. 16 5,650 Shiancoe Dec. 1 481 3,100 Ward Feb. 1 6,800 1,462 Required: Check My Work Next Previous US 19:37 SAMSUNG & 5 8 x + Cengage Digital Learning CengageNOWv2 | Online teachin X Cengage X com/ilrn/takeAssignment/ta keAssignment Ma in . do?invoker= a ssign ments&ta keAssignment Session Locator=assignment-take&inprogress-false rk & Ap Print Item Calculator еВook 1. Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 20Y8. Note: Round amounts to the nearest whole dollar and enter all amounts as positive values. Social Security Medicare Federal Income Gross Tax Withheld Tax Withheld Tax Withheld Earnings Employee 8,250.00 X $ Arnett Cruz Edwards Harvin Nicks Shiancoe < Ward 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 0.6 % on the first $10,000 of each employee's earnings; (e) total. Note: Round amounts to the nearest whole dollar and enter all amounts as positive values. (a) $ (b) S Next Previous Check My Work 19:38 US SAMSUNG DI & % 7 5 r y 1P O
Chapter1: Financial Statements And Business Decisions
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