Courtside Concepts Co. began business on January 2, 2011. Salaries were paid to employees on the last
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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% on salary. 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:
Instructions
1. Calculate the amounts to be reported on each employees Wage and Tax Statement (Form W-2) for 2011, 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 4.6% on the first $10,000 of each employees earnings;
(d) Federal unemployment compensation at 0.8% on the first $10,000 of each employees earnings;
(e)Total.
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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