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 ago

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