In December 200B, Glenda tries to find out whether she is a monthly or semiweekly depositor...

In December 200B, Glenda tries to find out whether she is a monthly or semiweekly depositor for FICA (OASDI and Medicare) and federal income tax for 200C. Please advise based on the following taxes owed:

200A	Quarter 3	$37,000
	Quarter 4	12,000
200B	Quarter 1	3,400
	Quarter 2	10,900

What is the total of the look-back period? [ Select ] ["$26,300", "$63,300", "$52,400"]

Glenda is classified as a [ Select ] ["Monthly", "Semi-weekly"]

Expert Solution

Determination of Glenda monthly or semi-weekly depositor for FICA and Federal Income tax for 200C

Step-1: Pre-requisite for determination:

In order to determine depository status we should be having details of tax liability during the lookback period.

Step-2: Provisions of the Act:

As per the act there exist two deposit schedule for social security, Medicare, federal income tax monthly or semi-weekly.
If the reported a tax liability reported during a tax liability of $50,000 or less during the lookback period then he will be fall under monthly depository category.
The reported tax liability is more than $50,000 during the lookback period then he will be come under semi-weekly depository category.

Step-3: Applying provisions to the current facts of case:

Glenda reported following tax liabilities during the lookback period is


Quarter 3	37000
Quarter 4	12000
Quarter 1	3400
Quarter 2	10900
Total Liability	63300

A) Total of look back period- $63,300.

B) As the total tax liability is more than $50,000,Glenda is semi-weekly depositor

ekkarill92 answered 1 year ago

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