During the first full week of 2019, the Payroll Department of Quigley Corporation is preparing the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
During the first full week of 2019, the Payroll Department of Quigley Corporation is preparing the Forms W-2 for distribution to its employees along with their payroll checks on January 4. In this problem, you will complete six of the forms in order to gain some experience in recording the different kinds of information required. Assume each employee earned the same weekly salary for each of the 52 paydays in 2018. Using the following information obtained from the personnel and payroll records of the firm, complete Copy A of the six Forms W-2 reproduced on the following pages. Also complete Form W-3. The form is to be signed by the president, Kenneth T. Ford, and is prepared by Ralph I. Volpe. Company Information: Address: 4800 River Road Philadelphia, PA 19113-5548 Pennsylvania state identification number: Federal identification number: 00-0-1066 Telephone number: (215) 555-0017 Fax number: (215) 555-0010 00-0000972 Philadelphia identification number: 0001895 Income Tax Information: The wage-bracket method is used to determine federal income tax withbolding. Calculate the annual federal income tax withheld by using the weekly wage-bracket table and multiply the answer by 52. The other taxes withbeld are shown below. Employee Data Payroll Data Annual Taxes Withheld Kelly B. Roach 54 Gradison Place Philadelphia, PA 19113-4054 Single, 1 allowance $715 per week SS#: 000-00-4310 Deduction for 401(k) plan: $50/week 1,450.28 Local income tax withheld 2,305.16 Social security tax withheld 539.24 Medicare tax withheld 1,141.40 State income tax withheld Ralph I. Volpe 56 Andrews Court, Apt. 7 Philadelphia, PA 19103-3356 Married, 1 allowance $785 per week SS#: 000-00-8804 Dependent care payment: $950 $70/week-401(k) 2,530.84 Social security tax withheld 591.76 Medicare tax withheld 1,253.20 State income tax withheld 1,592.24 Local income tax withheld Randi A. Myer 770 Camac Street Philadelphia, PA 19101-3770 Single, 0 allowances $885 per week SS#: 000-00-3316 Union dues withheld: $102 2,853.24 Social security tax withheld 667.16 Medicare tax withheld 1,412.84 State income tax withheld 1,795.04 Local income tax withheld Kenneth T. Ford 338 North Side Avenue Philadelphia, PA 19130-6638 Married, 7 allowances $1,350 per week SS#: 000-00-6839 Cost of group-term life insurance exceeding $50,000: $262.75* $100/week-401(k) 4,368.69 Social security tax withheld 1,021.97 Medicare tax withheld 2,155.40 State income tax withheld 2,738.32 Local income tax withheld Chrissy C. Carman 4900 Gladwynne Terrace Philadelphia, PA 19127-0049 Married, 3 allowances $820 per week SS#: 000-00-5771 Union dues withheld: $102 2,643.68 Social security tax withheld 618.28 Medicare tax withheld 1,308.84 State income tax withheld 1,662.96 Local income tax withheld Hal B. Zuber Single, 1 allowance $790 per week SS#: 000-00-8703 Educational assistance payments (job-required): $675 $50/week-401(k) 2,546.96 Social security tax withheld 595.92 Medicare tax withheld 1,261.00 State income tax withheld 1,602.12 Local income tax withheld 480-A Hopkinson Tower Philadelphia, PA 19101-3301 ггггг a Employee's social security number For Official Use Only Void OMB Na. 1545-0008 b Employer identification number EN 1 Wagon, tips, othar compansation 2 Federal ncome tax withheld e Employer's name, address, and ZIP code 3 Social secunty wages 4 Social security tax witheit S Medicare wages and tips 6 Medicare tax withheid 7 Socia secunity tips 8 Alocated tips e Control mumber 10 Dependent care tnatta • Employee's firet name and intil Sut. 11 Nonqusited plane Lant name 12s See instructions for box 12 13 A 12b per 14 Other 12 12d * Employee's address and ZIP code 15 s Erplayer's atate ID mumber 16 State wages, tos, t 17 State income tas 18 Local wnges, pe e 10 Local income tax 20 Lecaty ame W-2 wage and Tax Statement 20- Department of the Treasry-Intemal Revenue Service For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions. Form Copy A For Social Security Administration - Send this entire page with Form W-3 to the Social Security Administration; photocopies are not acceptable. Cat No. 10134D Do Not Cut, Fold, or Staple Forms on This Page - Do Not Cut, Fold, or Staple Forms on This Page Employee's social security namber For official Use Only OMB No. 1545-0008 22222 Vold bEmployer dentification number EN Wagen. tien, other oompensation 2 Federal income tax withheid e Employer's name, addres, nd ZP code 3 Socis security wages 4 Socal security tax withheid S Medicare wages and tipn 6 Medicare tax withheid 7 Socia secunty tips 8 Alocated tips a Control number 10 Dependent care benetts • Employee's firut name and int Su 11 Nonquifed plans 12a See instructions for box 12 Last name 12b 14 Other 12e 12d 1 Employee's address and ZP code 15 s Employar' atate ID number 16 State wages, fon, ete. 17 State income te 18 Local wagen, tpe, te 19 Loca income tax 20 Lacaity name W-2 Wage and Tax Statement 20 Department of the Treasury-Intemal Pevene Service For Privacy Aet and Paperwork Recuetion Act Notice, see the separate instructions. Form Copy A For Social Security Administration - Send this entire page with Form W-3 to the Social Security Administration; photocopies are not acceptable. Cat. No. 101340 Do Not Cut, Fold, or Staple Forms on This Page - Do Not Cut, Fold, or Staple Forms on This Page For Official Use Only OMB No. 1545-0008 Empioyee's social security number 22222 Vold b Empioyer identitication number EN 1 Wagen, tips, other compensation 2 Faderal inoome tax withheld e Empleyer's nae, re, and ZIP code 3 Social secatty wages 4 Social security tax withed S Medcare wages and tipe 6 Medicare tax withheld 7 Socal securty tips 8 Allocated tps d Control number 10 Dependernt care benefta • Employee's fret name nd ntia Suft. 11 Nonqualitied plans 12a See instructions for box 12 Last name 13 12b 14 Other 120 12d t Employoe's address and ZP code Employer's state ID number 16 State wage, tpn, et 17 State income tas Local wage, pa. et 19 Local income tax 20 Loaty nane W-2 Wage and Tax Statement 20-- Department af the Treanury-ntemal Revanue Service For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions. Form Copy A For Social Security Administration - Send this entire page with Form W-3 to the Social Security Administration; photocopies are not acceptabie. Cat. No. 101340 Do Not Cut, Fold, or Staple Forms on This Page - Do Not Cut, Fold, or Staple Forms on This Page Empioyee's social security number For Official Use Only 22222 Void OMB No. 1545-0008 b Empioyer dentifioation number EN 1 Wages, tps, ofhe compensation 2 Federal inome tax withheld e Employer's name, addresa, and ZIP oode 3 Social rity wage 4 Social securty tax withewid S Mecicare wagen and tips • Medicare tax withheld 7 Social curity tips 8 Allocated tips d Cantrol number 10 Dependent care benetits • Employee's first name and ita Last name Suft. 11 Nonqunied plam 12a See inetructionm for box 12 12b 14 Other 12 12d f Employee's address and ZP code 15 se Employer's state D number 16 State wages, p, et 17 State income tax 18 Local wages, tipe, etc 19 Local income tax 20 Locsty name W-2 Wage and Tax Statement 20-- Department of the Treasury-temal Reverue Service For Privacy Act end Paperwork Reduction Act Notice, see the separate instructions. Form Copy A For Social Security Administration - Send this entire page with Form W-3 to the Social Security Administration: photacopies are not acceptable, Cat. No. 10134D Do Not Cut, Fold, or Staple Forms on This Page - Do Not Cut, Fold, or Staple Forms on This Page a Employee's social security number For Official Use Only OMB No. 1546-0008 22222 Vold b Employer identification number IN 1 Wages, tipa, other compensation 2 Federal income tax withheld e Employer's name, address and ZP code 3 Social security wages 4 Sacial security tx withheid 5 Medicare wages and tips 6 Medicare tax withheld 7 Social secunty tips 8 Alecated tips d Control mumber 10 Dependent care banafts Employee's finst name and initial Last name Suft. 11 Nonquified plane 12a See mstructions for box 12 Terat 126 14 Other 120 124 * Employee's address and ZIP code 15 S Employar's state ID number 16 State wages, o, t 17 Stute income ta 18 Local wages, ee 19 Local eorme lax 20 W-2 Wage and Tax Statement 20- Department of the Treasury-Intemal Revenue Service For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions. Form Copy A For Socinl Security Administration - Send this entire page with Form W-3 to the Social Security Administration; photocopies are not acceptable. Cat. No. 101340 Do Not Cut, Fold, or Staple Forms on This Page - Do Not Cut, Fold, or Staple Forms on This Page Employee's social securty number For official Use Only OMB No. 1546-0oos 22222 Void b Empkoyer identification number EIN 2 Federal incorne tan wthheid Wages, tipe, ofher compensation e Employer's name, addess and ZIP code 3 Socia security wages 4 Sacial security tax wiheid 5 Medicare wages and tipe 6 Medicare tax withheld 7 Social securty tipe 8 Alocated tips d Cortrol number 10 Dependent caru banufta • Empioyee's first name and inti Sut 11 Nonqulited plans Last name 12a See instructions for box 12 13 y lay 12b 14 Other 12e 124 t Employee's address and ZIP code 15 am Erployera state D number 16 State wagee, fpn, ete 17 State income taa 18 Local wages, pe te 19 Local income ta 20 Lacty nane W-2 Wage and Tax Statement 20- Department of the Treasury-Intemal Pevenue Service For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions. Form Copy A For Social Security Administration - Send this entire page with Form W-3 to the Social Security Administration; photocopies are not acceptable. Cat. No. 10134D During the first full week of 2019, the Payroll Department of Quigley Corporation is preparing the Forms W-2 for distribution to its employees along with their payroll checks on January 4. In this problem, you will complete six of the forms in order to gain some experience in recording the different kinds of information required. Assume each employee earned the same weekly salary for each of the 52 paydays in 2018. Using the following information obtained from the personnel and payroll records of the firm, complete Copy A of the six Forms W-2 reproduced on the following pages. Also complete Form W-3. The form is to be signed by the president, Kenneth T. Ford, and is prepared by Ralph I. Volpe. Company Information: Address: 4800 River Road Philadelphia, PA 19113-5548 Pennsylvania state identification number: Federal identification number: 00-0-1066 Telephone number: (215) 555-0017 Fax number: (215) 555-0010 00-0000972 Philadelphia identification number: 0001895 Income Tax Information: The wage-bracket method is used to determine federal income tax withbolding. Calculate the annual federal income tax withheld by using the weekly wage-bracket table and multiply the answer by 52. The other taxes withbeld are shown below. Employee Data Payroll Data Annual Taxes Withheld Kelly B. Roach 54 Gradison Place Philadelphia, PA 19113-4054 Single, 1 allowance $715 per week SS#: 000-00-4310 Deduction for 401(k) plan: $50/week 1,450.28 Local income tax withheld 2,305.16 Social security tax withheld 539.24 Medicare tax withheld 1,141.40 State income tax withheld Ralph I. Volpe 56 Andrews Court, Apt. 7 Philadelphia, PA 19103-3356 Married, 1 allowance $785 per week SS#: 000-00-8804 Dependent care payment: $950 $70/week-401(k) 2,530.84 Social security tax withheld 591.76 Medicare tax withheld 1,253.20 State income tax withheld 1,592.24 Local income tax withheld Randi A. Myer 770 Camac Street Philadelphia, PA 19101-3770 Single, 0 allowances $885 per week SS#: 000-00-3316 Union dues withheld: $102 2,853.24 Social security tax withheld 667.16 Medicare tax withheld 1,412.84 State income tax withheld 1,795.04 Local income tax withheld Kenneth T. Ford 338 North Side Avenue Philadelphia, PA 19130-6638 Married, 7 allowances $1,350 per week SS#: 000-00-6839 Cost of group-term life insurance exceeding $50,000: $262.75* $100/week-401(k) 4,368.69 Social security tax withheld 1,021.97 Medicare tax withheld 2,155.40 State income tax withheld 2,738.32 Local income tax withheld Chrissy C. Carman 4900 Gladwynne Terrace Philadelphia, PA 19127-0049 Married, 3 allowances $820 per week SS#: 000-00-5771 Union dues withheld: $102 2,643.68 Social security tax withheld 618.28 Medicare tax withheld 1,308.84 State income tax withheld 1,662.96 Local income tax withheld Hal B. Zuber Single, 1 allowance $790 per week SS#: 000-00-8703 Educational assistance payments (job-required): $675 $50/week-401(k) 2,546.96 Social security tax withheld 595.92 Medicare tax withheld 1,261.00 State income tax withheld 1,602.12 Local income tax withheld 480-A Hopkinson Tower Philadelphia, PA 19101-3301 ггггг a Employee's social security number For Official Use Only Void OMB Na. 1545-0008 b Employer identification number EN 1 Wagon, tips, othar compansation 2 Federal ncome tax withheld e Employer's name, address, and ZIP code 3 Social secunty wages 4 Social security tax witheit S Medicare wages and tips 6 Medicare tax withheid 7 Socia secunity tips 8 Alocated tips e Control mumber 10 Dependent care tnatta • Employee's firet name and intil Sut. 11 Nonqusited plane Lant name 12s See instructions for box 12 13 A 12b per 14 Other 12 12d * Employee's address and ZIP code 15 s Erplayer's atate ID mumber 16 State wages, tos, t 17 State income tas 18 Local wnges, pe e 10 Local income tax 20 Lecaty ame W-2 wage and Tax Statement 20- Department of the Treasry-Intemal Revenue Service For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions. Form Copy A For Social Security Administration - Send this entire page with Form W-3 to the Social Security Administration; photocopies are not acceptable. Cat No. 10134D Do Not Cut, Fold, or Staple Forms on This Page - Do Not Cut, Fold, or Staple Forms on This Page Employee's social security namber For official Use Only OMB No. 1545-0008 22222 Vold bEmployer dentification number EN Wagen. tien, other oompensation 2 Federal income tax withheid e Employer's name, addres, nd ZP code 3 Socis security wages 4 Socal security tax withheid S Medicare wages and tipn 6 Medicare tax withheid 7 Socia secunty tips 8 Alocated tips a Control number 10 Dependent care benetts • Employee's firut name and int Su 11 Nonquifed plans 12a See instructions for box 12 Last name 12b 14 Other 12e 12d 1 Employee's address and ZP code 15 s Employar' atate ID number 16 State wages, fon, ete. 17 State income te 18 Local wagen, tpe, te 19 Loca income tax 20 Lacaity name W-2 Wage and Tax Statement 20 Department of the Treasury-Intemal Pevene Service For Privacy Aet and Paperwork Recuetion Act Notice, see the separate instructions. Form Copy A For Social Security Administration - Send this entire page with Form W-3 to the Social Security Administration; photocopies are not acceptable. Cat. No. 101340 Do Not Cut, Fold, or Staple Forms on This Page - Do Not Cut, Fold, or Staple Forms on This Page For Official Use Only OMB No. 1545-0008 Empioyee's social security number 22222 Vold b Empioyer identitication number EN 1 Wagen, tips, other compensation 2 Faderal inoome tax withheld e Empleyer's nae, re, and ZIP code 3 Social secatty wages 4 Social security tax withed S Medcare wages and tipe 6 Medicare tax withheld 7 Socal securty tips 8 Allocated tps d Control number 10 Dependernt care benefta • Employee's fret name nd ntia Suft. 11 Nonqualitied plans 12a See instructions for box 12 Last name 13 12b 14 Other 120 12d t Employoe's address and ZP code Employer's state ID number 16 State wage, tpn, et 17 State income tas Local wage, pa. et 19 Local income tax 20 Loaty nane W-2 Wage and Tax Statement 20-- Department af the Treanury-ntemal Revanue Service For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions. Form Copy A For Social Security Administration - Send this entire page with Form W-3 to the Social Security Administration; photocopies are not acceptabie. Cat. No. 101340 Do Not Cut, Fold, or Staple Forms on This Page - Do Not Cut, Fold, or Staple Forms on This Page Empioyee's social security number For Official Use Only 22222 Void OMB No. 1545-0008 b Empioyer dentifioation number EN 1 Wages, tps, ofhe compensation 2 Federal inome tax withheld e Employer's name, addresa, and ZIP oode 3 Social rity wage 4 Social securty tax withewid S Mecicare wagen and tips • Medicare tax withheld 7 Social curity tips 8 Allocated tips d Cantrol number 10 Dependent care benetits • Employee's first name and ita Last name Suft. 11 Nonqunied plam 12a See inetructionm for box 12 12b 14 Other 12 12d f Employee's address and ZP code 15 se Employer's state D number 16 State wages, p, et 17 State income tax 18 Local wages, tipe, etc 19 Local income tax 20 Locsty name W-2 Wage and Tax Statement 20-- Department of the Treasury-temal Reverue Service For Privacy Act end Paperwork Reduction Act Notice, see the separate instructions. Form Copy A For Social Security Administration - Send this entire page with Form W-3 to the Social Security Administration: photacopies are not acceptable, Cat. No. 10134D Do Not Cut, Fold, or Staple Forms on This Page - Do Not Cut, Fold, or Staple Forms on This Page a Employee's social security number For Official Use Only OMB No. 1546-0008 22222 Vold b Employer identification number IN 1 Wages, tipa, other compensation 2 Federal income tax withheld e Employer's name, address and ZP code 3 Social security wages 4 Sacial security tx withheid 5 Medicare wages and tips 6 Medicare tax withheld 7 Social secunty tips 8 Alecated tips d Control mumber 10 Dependent care banafts Employee's finst name and initial Last name Suft. 11 Nonquified plane 12a See mstructions for box 12 Terat 126 14 Other 120 124 * Employee's address and ZIP code 15 S Employar's state ID number 16 State wages, o, t 17 Stute income ta 18 Local wages, ee 19 Local eorme lax 20 W-2 Wage and Tax Statement 20- Department of the Treasury-Intemal Revenue Service For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions. Form Copy A For Socinl Security Administration - Send this entire page with Form W-3 to the Social Security Administration; photocopies are not acceptable. Cat. No. 101340 Do Not Cut, Fold, or Staple Forms on This Page - Do Not Cut, Fold, or Staple Forms on This Page Employee's social securty number For official Use Only OMB No. 1546-0oos 22222 Void b Empkoyer identification number EIN 2 Federal incorne tan wthheid Wages, tipe, ofher compensation e Employer's name, addess and ZIP code 3 Socia security wages 4 Sacial security tax wiheid 5 Medicare wages and tipe 6 Medicare tax withheld 7 Social securty tipe 8 Alocated tips d Cortrol number 10 Dependent caru banufta • Empioyee's first name and inti Sut 11 Nonqulited plans Last name 12a See instructions for box 12 13 y lay 12b 14 Other 12e 124 t Employee's address and ZIP code 15 am Erployera state D number 16 State wagee, fpn, ete 17 State income taa 18 Local wages, pe te 19 Local income ta 20 Lacty nane W-2 Wage and Tax Statement 20- Department of the Treasury-Intemal Pevenue Service For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions. Form Copy A For Social Security Administration - Send this entire page with Form W-3 to the Social Security Administration; photocopies are not acceptable. Cat. No. 10134D
Expert Answer:
Answer rating: 100% (QA)
Answer Explanation Part 1 34580 Box 1 includes income subject to federal ... View the full answer
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
Posted Date:
Students also viewed these finance questions
-
Group term life insurance and group universal life insurance have different characteristics and objectives. Compare (1) group term insurance with (2) group universal life insurance with respect to...
-
1) ABC Corp. purchased group term life insurance for all of its key employees in the amount of $100,000. The cost of the insurance is $175 The employer pays all of the premiums. Ben, age 50, is vice...
-
How is group term life insurance taxed while the insured is alive?
-
A company is deciding whether to produce a new gadget at a plant located in a country close to consumers at a higher labor cost and shorter lead time or to outsource it to a country with a low labor...
-
In this chapter you read how one act, such as the assault and battery by police upon the suspect Rodney King, could be both a state and a federal crime without violating the prohibition against...
-
Mize Company classifies its selling and administrative expense budget into variable and fixed components. Variable expenses are expected to be $25,000 in the first quarter, and $5,000 increments are...
-
A marketed asset's price \(x\) is governed by the mean reverting process where \(\eta, \theta\), and \(\sigma\) are positive constants and \(z\) is a Wiener process. (a) Let \(V(x, t)\) be a given...
-
The following information is available for the preparation of the governmentwide financial statements for the city of Northern Pines for the year ended June 30, 2012: Expenses: General government...
-
Question 8 YOLF Corporation Balance Sheet - Current Year YOLF Corporation Balance Sheet (in $Millions) Assets Liabilities Current Year Current Year Current Assets Current Liabilities Cash $124...
-
In December, Northern Kiteboarding magazine collected $80,000 for subscriptions for the next calendar year. The company collects cash in advance and then downloads the magazines to subscribers each...
-
The Playfair cipher with keyword SWITZERLAND and matrix starting at the top center given below 71 7 71 71 71 . Find the message. 71 . K 71 71 K 71 71 were used to create the following ciphertext: ....
-
An experienced tinter can tint a car in 4 hours. A beginning tinter needs 9 hours to complete the same job. Find how long it takes for the two to do the job together.
-
A digitally recorded compact disc has a selling price of $ 1 8 . 0 0 . The markup rate is 3 5 % . Find the cost of the CD .
-
Jenelle wants to invest $ 9 2 0 0 in a savings account that pays 7 . 2 % simple interest. How long will it take for this investment to double in value? Round your answer to the nearest tenth.
-
3. MovieTicket is offering a discount plan where if you subscribe to the plan for $20 per month, you can purchase as many movie tickets as you want for $5 instead of the regular price of $11. How...
-
A building is a sphere of 135 ft in diameter. What is the volume of the building? The volume of the building is 1288249.34 ft. (Type your answer using the appropriate number of significant digits.)
-
a. One tool of corporate governance is monitoring management. b. One tool of corporate governance is the choice of how much dividends to pay. c. Corporate governance is better when Directors are also...
-
From 1970 to 1990, Sri Lanka's population grew by approximately 2.2 million persons every five years. The population in 1970 was 12.2 million people.What is the best formula for P, Sri Lanka's...
-
Determine the amount missing from each accounting equation thatfollows. AssetsLiabilitiesOwner's Equity $100,000 $140,000 2. $312,000 $168,000 3. $584,000 $384,000
-
During its first year of operation in 2014, Browne Sales Corporation made most of its sales on credit. At the end of the year, accounts receivable amounted to $199,000. On December 31, 2014,...
-
Using the selected year-end account balances at December 31, 2014, for Proof General Store that follow, prepare a 2014 multistep income statement. Show detail of net sales. The company uses the...
-
What is the formula to calculate an individuals taxable income?
-
Explain why a taxpayer with higher income does not have as large of a behavioral response to an increase in the tax rate as a lower-income taxpayer.
-
Describe the goal of tax planning.
Study smarter with the SolutionInn App