Sarah received a 2018 Form W-2 from 2 different employers. The amounts reported in Boxes 3...

Sarah received a 2018 Form W-2 from 2 different employers. The amounts reported in Boxes 3 and 4 of her W-2s is provided below. What amount of excess social security tax (if any) should she report on her 2018 Schedule 5, Line 72?

	Box 3: Social security wages	Box 4: Social security tax withheld
Employer #1	87,600.00	5,431.20
Employer #2	55,250.00	3,425.50

Expert Solution

For 2018, the maximum Social Security to be withheld is $7960.80 based on maximum wages of $128400

Social Security withheld = 5431.20+3425.50 = $8856.70

Amount of excess social security tax to be reported report on her 2018 Schedule 5, Line 72 = 8856.70-7960.80 = $895.90

ekkarill92 answered 1 year ago

Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for 20Y8.

Wage and Tax Statement Data on Employer FICA TaxEhrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by...

1. Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2). Enter amounts to the nearest cent if required. Enter all amounts as positive numbers.

Wage and Tax Statement Data on Employer Federal Insurance Contributions Act tax used to finance federal programs for old-age and disability benefits (social security) and health insurance for the aged (Medicare).FICA TaxEhrlich Co. began business on January 2. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the...

Your W-2 form reports that your total wages were $35,539 for 2018. Your W-2 form also...

Your W-2 form reports that your total wages were $35,539 for 2018. Your W-2 form also reports that $4,053 was withheld from your wages for federal income tax. You receive a 1099-INT from your bank that indicated interest earned of $281. You are single, under the age of 65, not blind and not claimed by any other person as a dependent. What is the amount of your payment or refund? (Be sure to first state "refund" or "payment" and then...

P18.8 Sarah Corp. reported the following differences between SFP carrying amounts and tax bases at December...

P18.8 Sarah Corp. reported the following differences between SFP carrying amounts and tax bases at December 31, 2019: Carrying Amount Tax Base Depreciable assets $100,000 $67,500 Warranty liability (current liability) 20,500 –0– Pension liability (long-term liability) 38,800 –0– The differences between the carrying amounts and tax bases were expected to reverse as follows: 2020 2021 After 2021 Depreciable assets $17,500 $12,500 $ 2,500 Warranty liability 20,500 –0– –0– Accrued pension liability 12,000 12,000 14,800 Tax rates enacted at December 31,...

At the beginning of 2018, Baker Co. reported the following amounts related to investments: &

At the beginning of 2018, Baker Co. reported the following amounts related to investments: ASSETS Interest receivable-Black Co. bonds 20,000 Investment in Blue Co. common stock $320,000 Fair value adjustment (10,000)=$310,000 Investment in Red Co. common stock $700,000 Fair value adjustment $20,000= $720,000 Investment in Black Co., 8% bonds-AFS security $600,000 Fair value adjustment 30,000 = $630,000 Requirement 1: In the space below each item a-d (or on a t-account sheet), record Rockets 2018...

Concept: Safety: Nurse Sarah has received an admission of a 70-years-old male patient. As reported by...

Concept: Safety: Nurse Sarah has received an admission of a 70-years-old male patient. As reported by his son the patient became confused uttering irrelevant words and suddenly became unaware of his surroundings for the past 24 hours. The patient had suffered a stroke 3 months ago leaving him with slurred speech, left-sided weakness, unsteady gait and for that, he uses a cane for walking. The nurse kept Mr. Salim in bed, checked his vital signs, and placed an identification band...

If the taxpayer has already filed Form 540 with Form W-2 that included the amount of...

If the taxpayer has already filed Form 540 with Form W-2 that included the amount of medical coverage for his or her nondependent adult children in his or her California wages, he or she should contact his or her employer to have them issue him or her Form W-2C excluding the amount from his or her California wages. The taxpayer should use which FTB Form as a substitute for Federal Form W-2C if his or her employer does not issue...

Heart muscle contains a form of PFK-2/FBPase-2 that is different from that in liver. In heart...

Heart muscle contains a form of PFK-2/FBPase-2 that is different from that in liver. In heart muscle, phosphorylation of PFK-2/FBPase-2 by protein kinase A (also called cAMP-dependent protein kinase) activates PFK-2 and inhibits FBPase-2. Explain why this makes metabolic sense for a response of heart muscle to epinephrine. (Heart muscle cells have receptors for epinephrine, but not for glucagon.)

On 1 April 2018 Josh received a $50,000 loan at interest of 2% per year from...

On 1 April 2018 Josh received a $50,000 loan at interest of 2% per year from his employer. The loan was used to purchase his main residence. The FBT due at the end of the 2018/19 FBT year is: Group of answer choices $1,418 $3,018 $1,600 $2,305

In June 2004, Jen Kluger and Suzie Orol received a phone call from Sarah Gibson, one...

In June 2004, Jen Kluger and Suzie Orol received a phone call from Sarah Gibson, one of their retail customers, in Winnipeg, Manitoba. Gibson called with a complaint about how many of her competitors now carried Foxy Originals jewelry. Gibson’s store had been the exclusive carrier of Foxy Originals jewelry in the Winnipeg area for a number of years. With the growing popularity of its designs, many stores in the area now carried the Foxy Originals line. Kluger and Orol,...

Question