During the first full week of 2018, the Payroll Department of Quigley Corporation is preparing the Forms

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During the first full week of 2018, the Payroll Department of Quigley Corporation is preparing the Forms W-2 for distribution to its employees along with their payroll checks on January 5. 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 2017. Using the following in- formation 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: Fede

Income Tax Information: The wage-bracket method is used to determine federal income tax withholding. Calculate the annua*The cost of excess group-term life insurance is added to gross wages for federal income tax, Social Security, and Medicare. Employers withhold OASDI and HI tax on these amounts but are not required to withhold federal income tax. The cost is not added to gross wages for state and local taxes; therefore, it is not subject to those taxes (see Figure 4.7).

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...
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Payroll Accounting 2017

ISBN: 978-1337734776

27th edition

Authors: Bernard J. Bieg, Judith Toland

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