Question: For the third quarter of the year, Johnson Company, 415 Circle Avenue, Chicago, Illinois 60652, received Form 941 from the Internal Revenue Service. The identification
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The company has had six employees throughout the year. Assume that the FICA Social Security (employer) rate is 6.2 percent and the FICA Social Security (employee) rate is 4.2 percent on the first $ 106,800 and that the Medicare tax is 1.45 percent of all earnings. The employer matches the employees FICA Medicare taxes. There are no taxable tips, adjustments, backup withholding, or earned income credits. Johnson Company has submitted the following federal tax deposits and written the accompanying checks:
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Required
Complete Part 1 of Form 941 for the third quarter for JohnsonCompany.
TAXABLE EARNINGS DEDUCTIONS TOTAL SOCIAL SOCIAL I MEDICARE FEDERAL NAME . EARNINGS | SECURITY MEDICARE | NCOME TAX | SECURITY TAX 698.42 778.18 615.93 576.28 731.05 I TAX 16.629.00 18,528.00 Domzalski, T. P 1466500 14650014,665.00 Grisson, R. O13,721.00 13,721.00 13,721.00 17,406.001-17,406.00 + 17,406.00 Brown. D. D Carey, L. R 16,629.00 18,528.00 241.12 268.66 212.64 198.95 252.39 221.66 1,395.42 16,629.00 18,528.00 2494.00 2,780.00 2.100.00 2,058.00 2,510.00 2295.00 14,237.00 Tyler, J. L Valdez, K. R. 15,287.00 15,287.00 96.236.00 96,236.0096,236.00 4,041.91 On August 15 for the On September 15 for the August Payroll On October 15 for the September Payroll July Payroll Employees income tax withheld Employees income Employees income $4,370.00 tax withheld $5,122.00 tax withheld $4,745.00 Employees Social Security and Medicare tax Employees Social Security and Medicare tax Employees' Social Security and Medicare tax withheld 1,668.97 withheld 1,718.10 withheld 2,050.26 Employer's Social Security and Medicare tax contributed Employers Social Security and Medicare tax Employer's Social Security and Medicare tax 2,259.76 contributed 2,326.28 contributed $9,166.38 2,776.01 $8,298.73 9,571.27
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Form 941 for 20 Employers QUARTERLY Federal Tax Return Rev January 20 Department of the Treasury Internal Revenue Service 4 2 1 1 EIN Employer identif... View full answer
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