Ask Experts Questions for FREE Help !
Ask
    laurnenw's Avatar
    laurnenw Posts: 6, Reputation: 1
    New Member
     
    #1

    Apr 20, 2008, 03:30 PM
    Payroll taxes/w-2 wage and tax statement info
    A company's employer taxes are 0.8% for federal unemployment taxes, 5.4% for state unemployment taxes, 6.2% for FICA social security taxes on earnings up to $84900, and 1.45% for FICA Medicare taxes on all earnings. Compute the w-2 Wage and Tax Statement information required below for the following employees:

    Employee: A Baker
    Gross Earnings: 84000
    Federal Income taxes withheld: 17600

    Employee: C Dirkson
    Gross Earnings: 52000
    Federal Income Taxes withheld: 8200


    Here I've filled in what I know/have calculated; the blanks, I'm just not sure what do to with...


    W-2 Information: A Baker C Dirkson
    Federal income tax withheld 17600 8200
    Wages, tip, other compensation ------ -----
    Social Security Tax withheld 5208 3224
    Social Security Wages ------- --------
    Medicare Tax Withheld 1218 754
    Medicare Wages ------- ------

    Hope it makes sense... thanks in advance!
    Wildsporty's Avatar
    Wildsporty Posts: 445, Reputation: 38
    Full Member
     
    #2

    Apr 21, 2008, 09:35 AM
    You have the W-2 form in front of you?

    A.Baker would be the following:

    Box 1 (Wages, Tips, Other Compensation) 84000.00
    Box 2 Federal Income tax withheld 17600.00
    Box 3 Social Security Wages 84,000.00
    Box 4 Social Security withheld 5,263.80
    Box 5 Medicare Wages and Tips 84,000.00
    Box 6 Medicare tax withheld 1,218.00
    Box 15 State and state number
    Box 16 State Earnings 84,000.00
    Box 17 State Withholding (calculate state rate)

    C. Dirkson would be the following:

    Box 1 (Wages, Tips, Other Compensation) 52,000
    Box 2 Federal Income tax withheld 8,200
    Box 3 Social Security Wages 52,000.00
    Box 4 Social Security withheld 3,224.00
    Box 5 Medicare Wages and Tips 52,000.00
    Box 6 Medicare tax withheld 754.00
    Box 15 State and state number
    Box 16 State Earnings 52,000.00
    Box 17 State Withholding (calculate state rate)

    Your wages are the Gross wages shown at the top. Since you are not over the limit and have no pretax deductions shown the wages are the same for every wage box. You have miscalculated the Fica on Baker... take another look at it.

    Also need a W-3

    Hope this helps.

    Shirley

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Payroll taxes [ 1 Answers ]

I tried to work the problem out, but for some reason the Cumulative earnings prior to current week are making me stumble and I am confused. 8. The following information is for employee Robert Ellis for the week ended March 15. Total hours worked: 48

Payroll taxes [ 1 Answers ]

We submit our payroll to a payroll company. I have been asked on numerous occasions to not take federal and state taxes out for an employee for a specified pay period. Our software allows us to do this, but I do not know if it is lawful. Is it okay to not deduct taxes once or twice a year?

Payroll taxes [ 2 Answers ]

Hi... Ive started a small business.. I was under the WRONG impression I could 1099 my 2 guys as casual labor... That didn't work out so well! I have recently fired one such person for insubordination,unexcused absences and being late repeatedly. So he goes to the unemployment office and signs right...

Payroll taxes [ 2 Answers ]

How do I calculat employer payroll taxes? I have no idea where to start.:confused:

Payroll and payroll taxes [ 1 Answers ]

I'm completing a project for a high school accounting class. I need to know how to journalize the payment of payroll. I also need to know how to journalize the payment of the payroll taxes.


View more questions Search