During the first full week of 2017, the Payroll Department of Omni Corporation is preparing the Forms
Question:
Assume each employee earned the same weekly salary for each of the 52 paydays in 2016. 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 FormW-3. The form is to be signed by the president, Frank Kent, and is prepared by Vince Roper.
Company Information:
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Distribution
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...
Transcribed Image Text:
Address: 4800 River Road Philadelphia, PA 19113-5548 Pennsylvania state identification number:00-0-1066 00-0000972 0001895 Telephone number: (215) 555-0017 Fax number: (215) 555-0010 Income Tax Information: The uage-bracket method is used to detenmine federal income tax withbolding. Calculate the anual federal income tax uithheld by using the weekly uage-brackettable and multiply the ansuerbyS2. The other taxes withbeldare shown bdow. Employee Data Randy A. Kellison Federal identification number: Philadelphia identification number: Payroll Data Annual Taxes Withheld Single, 2 allowances $715 per week SS#: 000-00-4310 Deduction for 401(k) plan: $50week 2,305.16 Social security tax withheld 54 Gradison Place Philadelphia, PA 191134054 539.24 1,141.40 1,457.56 Medicare tax withheld State income tax withheld Local income tax withheld Vince T. Roper 56 Andrews Court, Apt. 7 Philadelphia, PA 19103-3356 Married, 3 allowances $985 per week SS#: 000-00-8804 Dependent care payment: $950 $70/week-401(k) 3,175.64 Social security tax withheld 742.56 Medicare tax withheld 1,572.48 State income tax withheld 2,007.72 Local income tax withheld Single, 0 allowances $765 per week SS#: 000-00-3316 Union dues withheld: $102 2,466.36 576.68 1,221.48 1,559.48 Social security tax withheld Medicare tax withheld State income tax withheld Local income tax withheld Murray I 770 Camac Street Philadelphia, PA 19101-3770 Frank A, Kent 338 North Side Avenue Philadelphia, PA 19130-6638 Married, 6 allowances $1,875 per week SS#: 000-00-6839 Cost of group-term life insurance exceeding $50,000: $262.75 No income tax withheld on insurance cost, but FICA taxes are withheld. $100/week-401(k) 6,061.29 1,417.69 2,993.12 3,822.00 Social security tax withheld Medicare tax withheld State income tax withheld Local income tax withheld Carlie C. Christian 4900 Gladwynne Terrace Philadelphia, PA 19127-0049 Married, 5 allowances $780 per week SS#: 000-00-5771 Union dues withheld: $102 2,514.72 588.12 1,245.40 1,590.16 Social security tax withheld Medicare tax withheld State income tax withheld Local income tax withheld Single, 1 allowance $790 per week SS#: 000-00-8703 Educational assistance payments (job 1,610.44 Local income tax withheld required): $675 $50/week-401(k) Zana W. Amelia 480-A Hopkinson Tower Philadelphia, PA 19101-3301 2,546.96 595.92 1,261.00 Social security tax withheld Medicare tax withheld State income tax withheld Must use percentage method to calculate federal income tax. 22222 Vopi. 1-45000 a Employossal scurty mumbar For Omicial Usa Only o wagas and sps Employoel's addross and AP coda 20 Fom W-2 wage and Tax statement Copy A For Social Socurity Administration Sand this antiro pago with Form W-3 to tho Social Security Administration; photooopias aro not acooptabla. For Prtwacy Act and Paporwork Reduction Act Notica, soo tho soparato Instructons. Do Not Cut, Fold, or Staple Forms on This Page-Do Not Cut, Fold, or Staple Forms on This Page 22222 vodnla a Employos social scurty mumbarFor Omcilal Usa Only OMB No. 1545-0008 Employoel's addross and AP coda W-2 Wage and Tax statement 20 Fom Copy A For Social Socurity Administration-Sand this antire pago with Form W-3 to the Social Socurity Administrationc photooopias aro not acooptabla For Prtwacy Act and Paporwork Reduction Act Notica, soo tho soparato Instructons. Do Not Cut, Fold, or Staple Forms on This Page-Do Not Cut, Fold, or Staple Forms on This Page 22222 Vo'. 1545000 nama, addraes, and ZP ooda o wagas and ps Employel's addross and AP coda rW-2 wage and Tax Statement 20 For Prtwacy Act and Paporwork Reduction Act Notica, soo the soparato Instructions. Copy A For Social Socuriy Administration Sand this antiro pago with Form W-3 to tho Social Security Administration photooopias aro not accoptabla. Do Not Cut, Fold, or Staple Forms on This Page-Do Not Cut, Fold, or Staple Forms on This Page 22222 vodnla a Employos social scurty mumbarFor Omcilal Usa Only OMB No. 1545-0008 nama, addraes, and ZP ooda o wagas and ps Employel's addross and AP coda rW-2 wage and Tax Statement 20 For Prtwacy Act and Paporwork Reduction Act Notica, soo the soparato Instructions. Copy A For Social Socurity Administration Sand this antire page with Form W-3 to the Social Socurity Administrationc photooopias aro not acooptabla. Do Not Cut, Fold, or Staple Forms on This Page-Do Not Cut, Fold, or Staple Forms on This Page 22222Vold a Employoe's social securty number For Official Use Only dentficaton numbar wagas and ps Employoel's addross and AP coda Fom W-2 wage and Tax statement 20 For Prtwacy Act and Paporwork Reduction Act Notica, soo tho soparato Instructons. Copy A For Social Socurity Administration Sand this antiro pago with Form W-3 to tho Social Security Administration; photooopias aro not acooptabla. Do Not Cut, Fold, or Staple Forms on This Page-Do Not Cut, Fold, or Staple Forms on This Page 22222 Void a Employos social scurty mumbarFor Omcilal Usa Only OMB No. 1545-0008 o wagas and sps Employoel's addross and AP coda 20 Fom W-2 wage and Tax statement Copy A For Social Socurity Administration-Sand this antire pago with Form W-3 to the Social Socurity Administrationc photooopias aro not acooptabla. For Prtwacy Act and Paporwork Reduction Act Notica, soo tho soparato Instructons. Do Not Cut, Fold, or Staple Forms on This Page-Do Not Cut, Fold, or Staple Forms on This Page DO NOT STAPLE For Official Usa Only Nona appy 5ono non-govt of 1c Stataloal 5010 (Chack ona) Chack ona Soclal sacurty wags 5 Modcara wagas and ps Employar's addrass and ZP ooda h Othar EN used this yoar 3 For third-party sick pay uso ony 4 Inooma tax withhold by paryor of third-party sick pay I8 Local waga, tps, Gtn under panatas ot parjury, l dacara that I hag Gcaminad this ntum and accompany ng documarts and, to the ba t of my krowtedge and bal碔thay ara trua, corract, and complata Fom W-3 Transmittal of Wage and Tax Statements 20-
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
Wage and Tax Statement a 22222 Void a Employees social security number 000004310 For Official Use Only OMB No 1 5450008 b Employer identification number EIN 1 Wages tips other compensation 2 Federal i...View the full answer
Answered By
Mehwish Aziz
What I have learnt in my 8 years experience of tutoring is that you really need to have a friendly relationship with your students so they can come to you with their queries without any hesitation. I am quite hardworking and I have strong work ethics. Since I had never been one of those who always top in the class and always get A* no matter what, I can understand the fear of failure and can relate with my students at so many levels. I had always been one of those who had to work really hard to get decent grades. I am forever grateful to some of the amazing teachers that I have had who made learning one, and owing to whom I was able to get some extraordinary grades and get into one of the most prestigious universities of the country. Inspired by those same teachers, I am to be like one of them - who never gives up on her students and always believe in them!
5.00+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
During the first week of 2014, the Payroll Department of Omni Corporation is preparing the Forms W-2 for distribution to its employees along with their payroll checks on January 3. In this problem,...
-
During the first week of 2014, the Payroll Department of Omni Corporation is preparing the Forms W-2 for distribution to its employees along with their payroll checks on January 3. In this problem,...
-
During the first full week of 2017, the Payroll Department of Quigley Corporation is preparing the Forms W-2 for distribution to its employees along with their payroll checks on January 6. In this...
-
A bond has an expected return of 15.33%, sensitivity to the term factor of 1.95 and to the default factor of 0.65. The current term risk premium is 3.01%. The risk-free rate of return is 3%. What is...
-
The Southern Rail Lines (SRL) is considering replacing its power jack tamper, used to maintain track and roadbed, with a new automatic-raising power tamper. SRL spent $18,000 five years ago for the...
-
What are five kinds of nonproductive roles in teams?
-
In July 2008, Brian, Dale, and Sandra Allen signed a contract with East Resources, Inc., concerning 148 acres of the Allens property. East wanted to develop and exploit the oil and gas resources...
-
At July 31, Ramirez Company has the following bank information: cash balance per bank $7,420, outstanding checks $762, deposits in transit $1,620 and a bank service charge $20. Determine the adjusted...
-
Consider a 100-step binomial model where the price of a non-dividend-paying asset at time n, Sn is modelled as Sn = SoZ1 Z2... Zn where Z are i.i.d. random variables with u = 1.05 w. p. p Zi = d =...
-
Consider the following data and a model for the data: x y 13 10.1 16 12.2 1713.6 2015.6 22 17.1 = 0.66 x + 0.72 Fill in the values of the SSE table below using the model: y = 0.66 x +0.72. (y- y)...
-
During the fourth quarter of 2016, there were seven biweekly paydays on Friday (October 7, 21; November 4, 18; December 2, 16, 30) for Clarke's Roofing. Using the forms supplied on pages 4-58 to...
-
During the year, Plum Company has a SUTA tax rate of 4.8%. The taxable payroll for the year for FUTA and SUTA is $123,400. Compute: a. Net FUTA tax...
-
The following T-account is a summary of the cash account of Kemper Company. What amount of net cash provided (used) by financing activities should be reported in the statement of cashflows? Cash...
-
Define the digital divide according to the role of technology in global economic geography.
-
suppose you commit a crime. the way the judge is going to set your sentence is by pulling a number out of a hat. you know that there are ten 1 year sentences, five 2 year sentences and one 20 year...
-
What is the discernible tone conveyed in Emperor Qianlong's missive to King George III, and how does it reflect the diplomatic relations and power dynamics of the time between the Qing Dynasty and...
-
Steven deposits $200 at the end of every month and withdraws $500 at the end of every 6 months. The interest rate is 6% per year, compounded semiannually, and intra-period interest is not paid....
-
In 2018 Saudi Arabia imposed a Value-Added Tax (VAT) on the supply of goods and services at a standard rate of 5%. Discuss the welfare effects of the VAT reform, and its implications for businesses...
-
Write the statement to close the janSales.txt file, which is associated with the outFile object.
-
For the given transfer function: Vo(s) / Vi(s) = (s^2C^2R^2 + 1) / (s^2C^2R^2 + 4sCR + 1) Assumiing that 1/(CR) = 120 PI so write the matlab code to find the magnitude plot
-
Using the payroll register from 6-2A for Charles' Cleaners, complete the General Journal entry for the employees' pay for the July 12 pay date. Paychecks will be issued in the future.
-
Using the payroll register from 6-2A for Charles' Cleaners, complete the General Journal Entry for the employer's share of the payroll taxes for the July 12 pay date. Assume 5.4% SUTA Tax, and 0.6%...
-
Using the employee payroll entry for 6-4A, post the July 12 employee pay for Charles' Cleaners to the selected General Ledger accounts below>
-
What is contribution margin? How is it computed? What does it tell us ?
-
Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Molding 2,500 $ 10,000 $ 1.40 Fabrication 1,500 $ 15,000 $...
-
Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated...
Study smarter with the SolutionInn App