Question

In: Accounting

The Primo Company had a total payroll of $240,605.13 for the first quarter of the current year.


The Primo Company had a total payroll of $240,605.13 for the first quarter of the current year. It withheld $28,131.67 from the employees for federal income tax during this quarter. The company made the following deposits in a qualified bank depository for the amount of the income and Social Security and Medicare taxes withheld from the employees and for the company's contribution to the FICA tax: $19,450 on February 6; $19,450 on March 4; and $19,450 on April 5. Primo Company's bookkeeper is now filling out Form 941 (quarterly return), which is due by the end of April. Complete the following to determine the amount of the check that the company must send to the IRS for the undeposited taxes due. Round your answers to the nearest cent.

A. total SS and mdicare to be paid for quarter

B. Total Taxes

C. Total Deposits

D. Undeposited Taxes due IRS

Solutions

Expert Solution

Part A

total SS and mdicare to be paid for quarter = 240605.13*(6.2%+1.45%)*2= $36812.58

Part B

Total Taxes = 36812.58 + 28131.67 = $64944.25

Part C

Total deposits = 19450+19450+19450 = $58350

Part D

Undeposited taxes due IRS = 64944.25-5835=6594.25

ekkarill92 answered 1 year ago
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