During the first full week of 2019, the Payroll Department of Omni Corporation is preparing the Forms

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During the first full week of 2019, the Payroll Department of Omni 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 shown below. Also complete Form W-3. The form is to be signed by the president, Frank Kent, and is prepared by Vince Roper.

Company Information:

4800 River Road Philadelphia, PA 19113-5548 Address: Pennsylvania state identification number: Federal identification nu

Income Tax Information:
The wage-bracket method is used to determine federal income tax withholding. Calculate the annual federal income tax withheld by using the weekly wage-bracket table and multiply the answer by 52. The other taxes withheld are shown below.

Employee Data Randy A. Kellison 54 Gradison Place Philadelphia, PA 19113-4054 Payroll Data Single, 2 allowances $715 per

*Must use percentage method to calculate federal income tax.

** 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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Related Book For  answer-question

Payroll Accounting 2018

ISBN: 978-1337291040

28th edition

Authors: Bernard J. Bieg, Judith Toland

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