A company's employer payroll tax rates are 0.6% for federal unemployment taxes, 5.4% for state unemployment taxes, 6.2% for FICA social security taxes on earnings up to $127,200, and 1.45% for FICA Medicare taxes on all earnings. Compute the W-2 Wage and Tax Statement information required below for the following employees:EmployeeGross EarningsFederal Income Taxes WithheldA. Baylor  $114,000  $17,600C. Jasmine  52,000  8,200A. BaylorC. JasmineW-2 Information: ________________Federal Income Tax Withheld…………..________________Wages, Tips, Other Compensation……...________________Social Security Tax Withheld…………...________________Social Security Wages…………………..________________Medicare Tax

Withheld…………………________________Medicare Wages…………………………________________

What will be an ideal response?



?A. BaylorC. Jasmine
W-2 Information:??
Federal Income Tax Withheld$17,600.00$ 8,200.00
Wages, Tips, Other Compensation114,000.0052,000.00
Social Security Tax Withheld7,068.003,224.00
?($114,000 * .062)(52,000 * .062)
Social Security Wages114,000.0052,000.00
Medicare Tax Withheld1,653.00754.00
?($114,000 * .0145)(52,000 * .0145)
Medicare Wages114,000.0052,000.00
??

Business

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