Safety-Haul distribution company began business on january 2 2002 salaries were
ID: 2448607 • Letter: S
Question
Safety-Haul distribution company began business on january 2 2002 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 teh required amounts. An employee who is hired in the middle of the month recieves half of 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. Eraly in 2003, before the Wage and Tax statments, (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 $80,000 of salary and medicare tax at the rate of 1.5% on salary. Data on dates of employement, salary rates, and employees' income taxes withheld, which are summarized as follows, were obtained from personnel records and payroll records.
6200
Given
1. Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 2002, arranging the data in the following form:
2.Calculate the following employer payroll taxes for the year: a)social security b)medicare c)state unemployment compensation at 3.8% on the first $7,000 of each employee's earnings d)federal unemployment compensation at .8% on the first $7,000 oc each employee's earnings e)total
Employee Date First Employed Monthly Salary Monthly Income Tax Withheld Albright June 26200
1305.10 Charles January 2 6800 1492.60Given
March 1 4100 764.65 Nelson January 2 3700 682.65 Quinn November 15 4000 740.00 Ramirez April 15 3000 535.50 Wu January 16 7500 1676.25Explanation / Answer
Safety-Haul distribution company began business on january 2 2002 salaries were
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.