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).
Solutions
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 2 years 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.
Complete Parts 2, 4, and...
1. If the balance of taxes due as shown on form 941 is less than_____...
1. If the balance of taxes due as shown on form 941 is less than
_____ , the balance may be paid with the return as opposed to
depositing the taxes :a. $100b.$500c.$1000d.$25002.when one of the digits in an input code is considered to be a
check digist, ita. must always be placed at the beigining of the input
sequenceb. must always be placed at the end of the input sequencec. must always be consistently placedd. they can be used...
For each of the following employees, calculate the Social Security tax for the weekly pay period...
For each of the following employees, calculate the Social
Security tax for the weekly pay period described: NOTE: For
simplicity, all calculations throughout this exercise, both
intermediate and final, should be rounded to two decimal places at
each calculation.
1: Ronald McCarthy earned gross pay of $925. Each period he
makes a 401(k) contribution of 6% of gross pay. His current year
taxable earnings for Social Security tax, to date, are $29,500.
Total Social Security tax =
$
2: Jill...
For each of the following employees, calculate the Medicare tax for the weekly pay period described:...
For each of the following employees, calculate the Medicare tax
for the weekly pay period described: NOTE: For simplicity, all
calculations throughout this exercise, both intermediate and final,
should be rounded to two decimal places at each calculation.
1: Mark Dailey's filing status is Married Filing Jointly, and he
has earned gross pay of $3,450. Each period he makes a 403(b)
contribution of 9% of gross pay. His current year taxable earnings
for Medicare tax, to date, are $312,500.
Total...
For each of the following employees, calculate the Medicare tax for the weekly pay period described:...
For each of the following employees, calculate the
Medicare tax for the weekly pay period described:
NOTE: For simplicity, all calculations throughout this exercise,
both intermediate and final, should be rounded to two decimal
places at each calculation.
1:Paul Robinson's filing status is married filing jointly, and
he has earned gross pay of $2,700. Each period he makes a 403(b)
contribution of 7% of gross pay . His current year taxable earnings
for Medicare tax, to date, are $268,000.
Total...
1. Complete the Adjustments section of the work sheet using the following information: On October 30,...
1. Complete the Adjustments section of the work sheet using the
following information:
On October 30, an inventory of the supplies showed that items
costing $1,730 were used this
month. Record an adjustment for the supplies used in
October.
On October 1, 20xx the company purchased a twelve-month
insurance policy for $8,400.
Record an adjustment for the expired insurance during the month
of October.
On October 3, the company purchased a six-month advertising
contract for $4,800. Record an
adjustment for...
Dog Days, Inc has 10 employees that earned $12,000 in a pay period. The following table...
Dog Days, Inc has 10 employees that earned $12,000 in a pay
period. The following table is the rates for employment taxes
(assume no employees have reached the caps for unemployment). How
much is the employers expense for withholdings?
Social Security
6.20%
Medicare
1.45%
Federal Withholding
18%
State Withholding
8%
FUTA
0.45%
SUTA
1.60%
what are the calcualtions that go into determining an employees pay for each period? what taxes...
what are the calcualtions that go into determining an employees pay
for each period? what taxes must be paid? are there other items
which impact paychecks? what are they?
1. A company is expected to pay a dividend of $3.26 in the following period. If...
1. A company is expected to pay a dividend of $3.26 in the
following period. If the expected growth rate of this dividend is
1.00% and the expected rate of return or discount rate for this
stock is 2.00%, what is the current share price in dollars?
2.Which of the following statements is most likely FALSE?
A.we should use the general dividend discount model to value the
stock of a firm with rapid or changing growth B.the
dividend discount model...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Discuss the four evolving company orientations. Which orientation is considered most successful and why?
- Flexible Budgeting and Variance Analysis I Love My Chocolate Company makes dark chocolate and light chocolate....
- this should be written in Java- Problem: Min/Max Search by Index Develop a program that, given...
- 2.the stock of Business Adventures sells for $70 a share. Its likely dividend payout and end-of-year...
- Provide TWO specific strategies that an equipment designer could employ to reduce heating of the temperature-sensitive...
- For fatty acid synthesis what would be the substrate if you are making an even number...
- Write a javascript program that computes the total cost for a five year car lease. The...
ADVERTISEMENT