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 $128,400, 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. Jasmine52,0008,200A. 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. Baylor | C. Jasmine |
| W-2 Information: | ? | ? |
| Federal Income Tax Withheld | $17,600.00 | $ 8,200.00 |
| Wages, Tips, Other Compensation | 114,000.00 | 52,000.00 |
| Social Security Tax Withheld | 7,068.00 | 3,224.00 |
| ? | ($114,000 * .062) | (52,000 * .062) |
| Social Security Wages | 114,000.00 | 52,000.00 |
| Medicare Tax Withheld | 1,653.00 | 754.00 |
| ? | ($114,000 * .0145) | (52,000 * .0145) |
| Medicare Wages | 114,000.00 | 52,000.00 |
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