Solution-Calculate the annual federal income tax withheld

Calculate the annual federal income tax withheld by using

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Reference no: EM131749315

Wage and Tax Statement Project

During the first full week of 2017, the Payroll Department of Quigley Corporation is preparing the Forms W-2 for distribution to its employees along with their payroll checks on January 6. 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 2016. Using the following information obtained from the personnel and payroll records of the firm, complete Copy A of the six Forms W-2. Also complete Form W-3. The form is to be signed by the president, Kenneth T. Ford, and is prepared by Ralph I. Volpe.

Company Information:

Address:	4800 River Road Philadelphia, PA 19113-5548
Telephone number:	(215) 555-0017
Fax number:	(215) 555-0010
Pennsylvania state identification number:	00-0-1066
Federal identification number:	00-0000972
Philadelphia identification number:	0001895

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. Taxable income for state and local taxes is not reduced by 401k contributions.

Employee Data	Payroll Data	Annual Taxes Withheld
Kelly B. Roach	Single, 1 allowance	Social security	2,305.16
54 Gradison Place	Wages: $715 per week	Medicare	539.24
Philadelphia, PA	SSN: 000-00-4310	State income tax	1,141.40
19113-4054	401k: $50 per week	Local income tax	1,457.56

Employee Data	Payroll Data	Annual Taxes Withheld
Ralph I. Volpe	Married, 1 allowance	Social security	2,530.84
56 Andrews Court, Apt. 7	Wages: $785 per week	Medicare	591.76
Philadelphia, PA	SSN: 000-00-8804	State income tax	1,253.20
19103-3356	401k: $70 per week	Local income tax	1,600.04
	Dependent care: $950

Employee Data	Payroll Data	Annual Taxes Withheld
Randi A. Myer	Single, 0 allowances	Social security	2,853.24
770 Camac Street	Wages: $885 per week	Medicare	667.16
Philadelphia, PA	SSN: 000-00-3316	State income tax	1,412.84
19101-3770	Union dues: $102	Local income tax	1,803.88

Employee Data	Payroll Data	Annual Taxes Withheld
Kenneth T. Ford	Married, 7 allowances	Social security	4,368.69
338 North Side Avenue	Wages: $1,350 per week	Medicare	1,021.97
Philadelphia, PA	SSN: 000-00-6839	State income tax	2,155.40
19130-6638	401k: $100 per week	Local income tax	2,751.84
	Cost of group life insurance exceeding $50,000: $262.75
	No income tax withheld on insurance cost, but FICA taxes are withheld.

Employee Data	Payroll Data	Annual Taxes Withheld
Chrissy C. Carman	Married, 3 allowances	Social security	2,643.68
4900 Gladwynne Terrace	Wages: $820 per week	Medicare	618.28
Philadelphia, PA	SSN: 000-00-5771	State income tax	1,308.84
19127-0049	Union dues: $102	Local income tax	1,671.28

Employee Data	Payroll Data	Annual Taxes Withheld
Hal B. Zuber	Single, 1 allowance	Social security	2,546.96
480-A Hopkinson Tower	Wages: $790 per week	Medicare	595.92
Philadelphia, PA	SSN: 000-00-8703	State income tax	1,261.00
19101-3301	401k: $50 per week	Local income tax	1,610.44
	Educational assistance payments (job-required): $675

Reference no: EM131749315

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Calculate the annual federal income tax withheld by using

Reference no: EM131749315

Reference no: EM131749315

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