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4) You pay Mei-Ling a base salary on the first of each month. She files single and claims one withholding allowance. Her pay is $2,000. Using the
4) You pay Mei-Ling a base salary on the first of each month. She files single and claims one withholding allowance. Her pay is $2,000. Using the wage bracket method, how much should you withhold? If Mei-Ling receives a bonus of $1,000, what would the withholding amount change to when combining the totals? What would the withholding amount be on the bonus if you choose to use the flat rate method?
5) Based on the information above, please complete W-2 forms for each of the four employees in the previous questions. For example, in Problem 1 you calculated the taxes for Sally on $800. The gross wages for the W-2 will be $800. You must calculate Social Security and Medicare taxes. You can leave the state withholding information blank. Please include the bonus amounts from Problems 3 and 4. You must use the correct withholding total when combining these amounts for your W-2 forms. For Mei-Ling, do not use the flat rate method answer for your W-2 calculations. Download a fillable W-2 form.
6) As a payroll manager, you realized that you made an error calculating the information on Mei-Ling's W-2 form. What steps would you need to take to correct the error in the flat rate method you calculated in Question 4? Are there any forms used for this correction? Explain your answer. Why is it important to make this correction? What penalties may apply if you do not make this correction as stated in your textbook?
7) April is an independent contractor paid a total of $3,000 for 2016. What actions should you take to report April's income? Do you need to complete forms for both April and government agencies? Are you required to withhold income tax for April? What if April received $500 instead of $3,000? Would you still report her income?
