Complete this question by entering your answers in the tabs below.Req A and BClayBox 1Box 2Box 3Box 4Box 5Box 6Req CWhat amounts will Old Town report on the Year 1 W-2s for each employee? (Do not round intermediate calculations.)Amount Appearing on W-2 for Year 1PhilipBox 1Box 2Box 3Box 4Req DWages, tips, and other compensationFederal income tax withheldSocial security wagesSocial security tax withheldMedicare wages and tipsMedicare tax withheldWages, tips, and other compensationFederal income tax withheldSocial security wagesSocial security tax withheld

Net pay the pay which is left with the employee after paying all the taxes and contributions which…

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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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Question 1 – Which one of these lists contain ALL items that are used when computing net employment income (Division B, Subdivision a)? A) employee contributions to a registered pension plan; signing bonus on accepting employment; use of an employer-owned automobile. B) monthly automobile allowance; dental plan paid for by the employer; promotional cost incurred in selling the employer's products. C) subsidized meals in employer's facilities; life insurance paid by the employer; legal fees incurred to collect unpaid salary. D) tips and gratuities; dental insurance paid by the employer; exercise of options to purchase shares of the publicly traded employer.
____ 62. The required form that is to be provided to the employee as well as to the Social Security Administration each year, showing an employee’s earnings and taxes withheld is the a. Employment Withholding Allowance Certificate (Form 940) b. Employer's Quarterly Federal Tax Return (Form 941) c. Wage and Tax Statement (Form W-2) d. Corporate Income Tax Return (Form 1120) ____ 63. When a partnership is formed, assets contributed by the partners should be recorded on the partnership books at their a. book values on the partners' books prior to their being contributed to the partnership b. fair market value at the time of the contribution c. original costs to the partner contributing them d. assessed values for property tax purposes
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This problem continues the process of preparing the Kipley Company's Employee Payroll Register for the pay period ending January 8th, 20--. In previous chapters, gross wages were computed for each employee and using this data, FICA withholding and employer FICA liability was computed. Requirements: Refer to the SIMPLE Plan Contributions and enter each employee's SIMPLE plan deduction. Determine and record the federal income taxes for each employee. Determine and record the state income taxes for each employee. Determine and record the city income taxes for the city of Pittsburgh. Total each input column. Below lists each employee's assigned Time Card No., Filing Status, and Withholding Allowances. This information is necessary when determining the amount of tax to withhold. TimeCard No. EmployeeName FilingStatus No. ofWithholdingAllowances 11 Fran M. Carson S N/A 12 William A. Wilson S N/A 13 Harry T. Utley MFJ N/A 21 Lawrence R. Fife MFJ N/A 22 Lucy K. Smith S N/A…
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Where would Social security wages, social security tax withheld and state wages from form W-2 go on 1040? 3 Social security wages 4 Social security tax withheld 50,000 3,100 f Employee's address and ZIP code 15 State Employer's state ID number 16 State wages, tips, etc. NC 22-2222222 75,000
The biweekly taxable wages for the employees of Rite-Shop follow. Compute the FICA taxes for each employee and the employer's FICA taxes. Round all computations to the nearest cent. FICA Taxes Employee No. Employee Name Biweekly Taxable Wages OASDI HI 711 Castro, Manny $1,000.00 512 Corrales, Pat 968.00 624 Guitar, Joseph 1,004.00 325 Moore, Connie 1,046.40 422 Morrison, Harry 1,200.00 210 Robertson, Catherine 1,044.80 111 Swarez, Joseph 1.122.00 Totals Employer's OASDI Total Taxable Wages Employer's OASDI Tax
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee.
5
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Amount to BeWithheld Employee MaritalStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Corn, A. S 2 $675 weekly $fill in the blank 1 $fill in the blank 2 Fogge, P. S 1 1,960 weekly fill in the blank 3 Felps, S. M 6 1,775 biweekly fill in the blank 5 fill in the blank 6 Carson, W. M 4 2,480 semimonthly fill in the blank 7 fill in the blank 8 Helm, M. M 9 5,380 monthly fill in the blank 9
Please do 1-7
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