Asked by Dekia Mitchell on Jul 01, 2024
Verified
Maeda Company has the following employees on the payroll:
Marital Semimonthly Withholding Employee Name Status Payroll Allowances Amal S$4,8001 Miguel M$5,60C2 Byron S$5,00C3 Hiroko M$6,20C4\begin{array}{lccc}& \text { Marital } & \text { Semimonthly } & \text { Withholding } \\\text { Employee Name } & \text { Status } & \text { Payroll } & \text { Allowances }\\\text { Amal } & \mathrm{S} & \$ 4,800 & 1 \\\text { Miguel } & \mathrm{M} & \$ 5,60 \mathrm{C} & 2 \\\text { Byron } & \mathrm{S} & \$ 5,00 \mathrm{C} & 3 \\\text { Hiroko } & \mathrm{M} & \$ 6,20 \mathrm{C} & 4\end{array} Employee Name Amal Miguel Byron Hiroko Marital Status SMSM Semimonthly Payroll $4,800$5,60C$5,00C$6,20C Withholding Allowances 1234 Using the information above,what are the annual amounts that would be used to complete a Form W-2 for Miguel.
a.Gross Wages:
b.Federal Withholding:
c.Social Security Tax:
d.Medicare Tax:
Form W-2
An IRS tax form used in the United States to report wages paid to employees and the taxes withheld from them.
Gross Wages
The total amount of money earned by an employee before any deductions or taxes are taken out.
Federal Withholding
The practice of an employer withholding income tax from an employee's paycheck and directly paying it to the government.
- Capable of determining annual amounts for Form W-2 completion.
Verified Answer
LN
Lizandra Navarro Vasquez7 days ago
Final Answer :
a. Gross Wages \quad\quad\quad\quad$134,400.00 \$ 134,400.00 $134,400.00
b. Federal withholding \quad$20,889.69($870.40×24) \$ 20,889.69(\$ 870.40 \times 24) $20,889.69($870.40×24)
c. Social security \quad\quad$7,886.40($127,200×6.2%) \$ 7,886.40(\$ 127,200 \times 6.2 \%) $7,886.40($127,200×6.2%)
d. Medicare \quad\quad\quad\quad$1,948.80($134,400×1.45% \$ 1,948.80(\$ 134,400 \times 1.45 \% $1,948.80($134,400×1.45%
b. Federal withholding \quad$20,889.69($870.40×24) \$ 20,889.69(\$ 870.40 \times 24) $20,889.69($870.40×24)
c. Social security \quad\quad$7,886.40($127,200×6.2%) \$ 7,886.40(\$ 127,200 \times 6.2 \%) $7,886.40($127,200×6.2%)
d. Medicare \quad\quad\quad\quad$1,948.80($134,400×1.45% \$ 1,948.80(\$ 134,400 \times 1.45 \% $1,948.80($134,400×1.45%
Learning Objectives
- Capable of determining annual amounts for Form W-2 completion.