Wages paid for the second quarter for Wang Law Firm were $56,792.00. All wages were subject to

Question:

Wages paid for the second quarter for Wang Law Firm were $56,792.00. All wages were subject to FICA taxes (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Federal income taxes withheld were $6,354.00. When Wang files Form 941, what amount should be reported on the following lines of the form? 

Line 3: Federal income tax withheld. 

Line 5a: Taxable social security wages (Columns 1 and 2). 

Line 5c: Taxable medicare wages and tips (Columns 1 and 2).

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

College Accounting

ISBN: 1986

1st Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Deanna C. Martin, Jill E. Mitchell

Question Posted: