This Problem will be broken into three parts.
Part 1: Determine taxable wages
Part 2: Determine taxes per pay
Part 3: Determine amounts for Form 941, W2, and Form 940
Part 2 of the final is not proctored, but must be completed in one sitting. The time limit is 120 minutes.
This part of the final is designed to test your understanding of the taxable wages, determining federal income taxes, and filling out Forms 941, 940, & W2 amounts. This final exam contains 31 fill-in-the-blank questions worth 56 points. You should use your payroll template as needed.