Question
In: Accounting
Complete section 1 on form 941 with the following information: # of employees for pay period...
Complete section 1 on form 941 with the following information:
# of employees for pay period that include September 12 – 14 employees
Wages paid third quarter - $79,750.17
Federal income tax withheld in the third quarter - $9,570.17
Taxable social security and Medicare wages - $79,750.17
Total tax deposits for the quarter $21,771.83
Complete sections 2, 3, 4, and 5 with the following information:
Cruz Company is a monthly depositor with the following monthly tax liabilities for this quarter:
July $7,193.10
August $7,000.95
September $7,577.78
State unemployment taxes are only paid to California. The company does not use a third-party designee and the tax returns are signed by the president, Carlos Cruz (Phone: 916-555-9739).
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Expert Solution
| PART 1 | |||
| 1 | Number of employees who received wages, tips, or other compensation for the pay period including: Mar. 12 (Quarter 1), June 12 (Quarter 2), Sept. 12 (Quarter 3), or Dec. 12 (Quarter 4) | 14 | |
| 2 | Wages, tips, and other compensation | 79750.17 | |
| 3 | Federal income tax withheld from wages, tips, and other compensation | 9570 | |
| 4 | If no wages, tips, and other compensation are subject to social security or Medicare tax Check and go to line 6 | Don’t check | |
| Column 1 | Column 2 | ||
| 5a | Taxable social security wages (*0.124) | 9889.021 | |
| 5b | Taxable social security tips (*0.124) | 9889.021 | |
| 5c | Taxable Medicare wages & tips | 2312.755 | |
| 5d | Taxable wages & tips subject to Additional Medicare Tax withholding | 0 | |
| 6 | Total taxes before adjustments. | 9570 | |
| 7 | Current quarter’s adjustment for fractions of cents | 1355.72 | |
| 8 | Current quarter’s adjustment for sick pay | 0 | |
| 9 | Current quarter’s adjustments for tips and group-term life insurance | 0 | |
| 10 | Total taxes after adjustments. Combine lines 6 through 9 . | 10925.72 | |
| 11 | Qualified small business payroll tax credit for increasing research activities. | 0 | |
| 12 | Total taxes after adjustments and credits. Subtract line 11 from line 10 | 10925.72 | |
| 13 | Total deposits for this quarter, including overpayment applied from a prior quarter and overpayments applied from Form 941-X, 941-X (PR), 944-X, or 944-X (SP) filed in the current quarter | 21771.83 | |
| 14 | Balance due. If line 12 is more than line 13, enter the difference and see instructions . . . | 0 | |
| 15 | Overpayment. If line 13 is more than line 12, enter the difference | 10846.11 | |
| Part 2 | Tell us about your deposit schedule and tax liability for this quarter | ||
| Part 3. You were a monthly schedule depositor for the entire quarter. | |||
| Tax liability: | Month 1 | 7193.1 | |
| Month 2 | 7000.95 | ||
| Month 3 | 7577.78 |
ekkarill92 answered 1 year agoRelated Solutions
Cruz Company has gathered the information needed to complete its Form 941 for the quarter ended...
Cruz Company has gathered the information needed to complete its
Form 941 for the quarter ended September 30, 2019.
Using the information presented below, complete Part 1 of Form
941, rounding to the nearest cent.
# of employees for pay period that included September 12-14
employees
Wages paid third quarter-$79,750.17
Federal income tax withheld in the third quarter-$9,570.00
Taxable social security and Medicare wages-$79,750.17
Total tax deposits for the quarter-$21,771.83
Hint: Line 7 instructions. Fill in Form 941
through line...
Cruz Company has gathered the information needed to complete its Form 941 for the quarter ended...
Cruz Company has gathered the information needed to complete its
Form 941 for the quarter ended September 30, 2019. They are a
monthly depositor with the following monthly tax liabilities for
this quarter:
July
$7,193.10
August
7,000.95
September
7,577.78
State unemployment taxes are only paid to California. The
company does not use a third-party designee, the tax returns are
signed by the president, Carlos Cruz (Phone: 916-555-9739), and the
date filed is October 31, 2019.
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Medicare
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