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PRACTICE SET 2 ANSWERS Payroll Management Pratice Set 2 Michael Canton Kim Brown Johnathan Reese Pretax Posttax Adjustments Adjustments Pretax...

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DEDUCTIONS AND PAYMENTS 65 PRACTICE SET 2 ANSWERS Michael Canton Kim Brown Johnathan Reese Pre tax Adjustments Post tax Adjustments Pre tax Adjustments Post tax Adjustments Pre tax Adjustments Post tax Adjustments Self 1 1 1 Dependents 3 1 Total 4 2 1 Age 47 34 38 Salary 95,000.00 80,000.00 80,000.00 Weekly Salary 1,826.92 1,538.46 1,538.46 W 4 Status Single or Married MS S Number of Exemptions 02 1 Additional WithHolding 75.00 Medical 74.5 0.8 59.60 59.60 59.60 59.60 59.60 59.60 74.5 0.5 111.75 111.75 37.25 37.25 Dental 7.63 30.52 30.52 15.26 15.26 7.63 7.63 Vision 1.37 5.48 5.48 2.74 2.74 1.37 1.37 $ 50,000 Company Paid Life Insurance Policy Employee Group Term Life 10.00 4 40.00 40.00 7.50 30 30.00 2 15.00 15.00 Dependent Optional Term Life 15.00 2 30.00 30.00 8.00 Employee Special Accident Insurance $ 1,000,000 5.00 1 5.00 5.00 5.00 5.00 5.00 5.00 Health Care Spending 2500 48.08 48.08 2,500 48.08 48.08 1,000.00 19.23 19.23 Dependent Care Spending Account 5000 96.15 96.15 3,750 72.12 72.12 401K Plan 0.06 109.62 109.62 4% 61.54 61.54 Garnishments 75.00 75.00 Total Deductions 536.20 466.20 70.00 331.58 301.58 30.00 182.83 92.83 90.00
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PAYROLL ACCOUNTING AND CONTROLS 81 PROJECT: EMPLOYEE W 2 PREPARATION Congratulations! When you complete this project, you’ll have completed your program. In this project you’ll prepare the information for Epic Company’s W-2 Wage and Tax Statement. A copy of the IRS form is reproduced with this project. We’ve previously provided all of the information required for lines 1–17 of the form in Practice Set 2 and Practice Set 3. An interactive PDF version of the answer sheets below is available in the Student Resources folder for this Lesson Group. You’ll insert your answers in the PDF ±le and save the ±le as PCA_Final_XXXX, with the XXXX being the last four digits of your Ashworth student number. Note: Anything denoted with an N/A does not need to be completed. Good luck. Employee Information Michael Canton works for a small company called the Epic Company. He’s the manager. The company provides Web design and computer consulting services. The company also has two other employees, Kim Brown and Johnathan Reese. They’re all salaried employees. Mr. Canton makes $95,000 annually, and Kim and Johnathan make $80,000 each. Michael Canton Michael Canton is 47, married to Sylvia, 46, and has two dependent children, ages three and ±ve. Both of the children are in day care at a cost of $4,500 per child. His W-4 status is married with zero exemptions, and he deducts an additional $75.00 withheld each week. He contributes $5,000 annually to his child care ²exible spending account, $2,500 to a healthcare ²exible spending account, and 6% of his salary to his 401K account. He has enrolled in the medical, dental, and vision insurance plans for his entire family. He purchases additional employee group term life insurance of four times his annual salary and also is enrolled in the employee special accident insurance. He purchases life insurance for his wife at two times his salary.
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82 PAYROLL ACCOUNTING AND CONTROLS 1. Wages, Tips, Other Compensation ________________ 2. Federal Withheld ________________ 3. Social Security Wages ________________ 4. Social Security Tax Withheld ________________ 5. Medicare Wages and Tips ________________ 6. Medicare Tax Withheld ________________ 7. Social Security Tips ______ N/A ______ 8. Allocated Tips ______ N/A ______ 9. Blank 10. Dependent Care Benefts ________________ 11. Nonqualifed Plans ______ N/A ______ 12. 12A ________________ 12B ________________ 12C ________________ 12D ________________ 13. Name which box(es) to check ________________ 14. Other ______ N/A ______ 15. State ________________ 16. Employer’s state ID number ________________ 17. State Income Tax ________________ 18. Local, Wages, Tips, etc. ______ N/A ______ 19. Local Income Tax ______ N/A ______ 20. Locality name ______ N/A ______
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