16. Form 941. (Obj. 6) During the third quarter of 2020, the Fillmore Restaurant (EIN 93-...
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16. Form 941. (Obj. 6) During the third quarter of 2020, the Fillmore Restaurant (EIN 93- 0530660) located at 244 North Second Street, Fillmore, New York 14735-0022, withheld income and social security taxes from its five employees. It withheld income taxes of $3,117 from employees' wages and tips of $15,570. In addition, Fillmore withheld $912.95 of social security taxes on $14,725 of social security wages, and $52.39 of social security taxes on $845 of social security tips. It also withheld $225.77 of Medicare taxes on $15,570 of Medicare wages. During the quarter, Fillmore electronically deposited income and employment taxes as follows: August 15, $1,833.52; September 15, $1,790.26; October 15, $1,875.43. Data for quarterly wages and reported tips of employees is as follows: Total Wages $ 7,025 3,000 2,000 1,200 1,500 $14,725 Social Security Wages $ 7,025 3,000 2,000 1,200 1,500 $14,725 Taxable Tips Reported $315 180 120 Name Barker, J. R. Duwe, H. K. Miller, M. M. Pressman, R. M. Smathers, H. H. 125 105 $845 Prepare the third quarter Form 941, Employer's QUARTERLY Federal Tax Return, for the Fillmore Restaurant, using the blank form provided on the pages that follow. Fillmore filed Form 941 and M. L. Wright, President, signed it on October 25, 2020. Form 941 for 2020: Employer's QUARTERLY Federal Tax Return Department of the Treasury-Internal Revenue Service 950120 OMB No. 1545-on99 Report for this Quarter of 2020 (Rev. July 2020) (Check one) Employer identification number (EIN) 1: January, February, March 2: April, May, June -DRAFT AS August 28, 2020 NOT FIL Name not your trade name) O 3: July, August, September Trade name f any) 4: October, November, December Go to www.irs.gov/Form941 for instructions and the latest information Address Number State City county Read the separate instructions before you complete Form 941. Type or print within the bexes. Number of employees who received wages, tips, or other compensation for the pay period including: Sept. 12 (Quarter 3) or Dec. 12 (Quarter 4) Part 1: Answer these questions for this quarter. 1. Wages, tips, and other compensation Federal income tax withheld from wages, tips, and other compensation O Check and go to line 8. If no wages, tips, and other compensation are subject to social security or Medicare tax Column 1 4 Column 2 x 0.124 = 5a Taxable social security wages x 0.062 = 5a () Qualified sick leave wages x 0.062 5a (i) Qualified family leave wages x 0.124 = 5b Taxable social security tips. x 0.029 = 5c Taxable Medicare wages & tips. 5d Taxable wages & tips subject to Additional Medicare Tax withholding x 0.009 = 5e 5e Total social security and Medicare taxes. Add Column 2 from lines 5a, 5ali), 5a(ii), 5b, 5c, and 5d 5f 5f Section 3121(a) Notice and Demand-Tax due on unreported tips (see instructions) Total taxes before adjustments. Add lines 3, 5e, and 5f Current quarter's adjustment for fractions of cents 8 8. Current quarter's adjustment for sick pay 6. Current quarter's adjustments for tips and group-term life insurance 10 10 Total taxes after adjustments. Combine lines 6 through 9 11a Qualified small business payroll tax credit for increasing research activities. Attach Form 8974 11a 11b Nonrefundable portion of credit for qualified sick and family leave wages from Worksheet 1 11b 11c Nonrefundable portion of employee retention credit from Worksheet 1 110 Nest >You MUST complete all three pages of Form 041 and SIGN It. For Privacy Aot and Paperwork Reduction Aot Notice, see the back of the Payment Voucher. Cat. No. 170012 Form 941 Ae. 7-2020 Name (not your trade name) Employer idenification number (EIN) 950220 Part 1: Answer these questions for this quarter. (continued) 11d Total nonrefundable credits. Add lines 11a, 11b, and 11c 11d 12 Total taxes after adjustments and nonrefundable credits. Subtract line 11d from line 10 12 13a 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 13a 13b Deferred amount of social security tax 136 ugust28, 28 DO NOT FIỆ 13c Refundable portion of credit for qualified sick and family leave wages from Worksheet 1 13d 13d Refundable portion of employee retention oredit from Worksheet 1 13d 13e Total deposits, deferrals, and refundable credits. Add lines 13a, 13b, 13c, and 13d 13e 131 Total advances received from filing Form(s) 7200 for the quarter 131 13g Total deposits, deferrals, and refundable credits less advances. Subtract line 13f from line 13e 13g 14 Balance due. If line 12 is more than line 13g, enter the difference and see instructions 14 15 Overpayment. If line 13g is more than line 12, enter the difference Check one: Apply to next refum. Send a refund. Part 2: Tell us about your deposit schedule and tax liability for this quarter. If you're unsure about whether you're a monthly schedule depositor or a semiweekly schedule depositor, see section 11 of Pub. 15. 16 Check one: O Line 12 on this return is less than $2,500 or line 12 on the return for the prior quarter was less than $2,500, $100,000 next-day deposit obligation during the current quarter. If line 12 for the prior and you didn't incur quarter was less than $2,500 but line 12 on this return is $100,000 or more, you must provide a record of your federal tax liability. If you're a monthly schedule depositor, complete the deposit schedule below; if you're a semiweekly schedule depositor, attach Śchedule B (Form 941). Go to Part 3. You were a monthly schedule depositor for the entire quarter. Enter your tax liability for each month and total liability for the quarter, then go to Part 3. Tax liability: Month 1 Month 2 Month 3 Total liability for quarter Total must equal line 12. You were a semiweekly schedule depositor for any part of this quarter. Complete Schedule B (Form 941), Report of Tax Liability for Semiweekly Schedule Depositors, and attach it to Form 941. Go to Part 3. Next You MUST complete all three pages of Form 941 and SIGN it. Page 2 Form 941 (Rev. 7-2020) (Use for Problem 16.) 952920 Employer identification number (EIN) Name (not your trade name) Tell us about your business. If a question does NOT apply to your business, leave it blank. Check here, and Part 3: DRAEL ASOE August 28, 2 DO NOT FIE 17 If your business has closed or you stopped paying wages : also attach a statement to your return. See instructions. enter the final date you paid wages If you're a seasonal employer and you don't have to file a return for every quarter of the year 19 Check here. 18 19 Qualified health plan expenses allocable to qualified sick leave wages 20 20 Qualified health plan expenses allocable to qualified family leave wages 21 Qualified wages for the employee retention credit 22 Quallfied health plan expenses allocable to wages reported on line 21. 23 23 Credit from Form 5884-C, line 11, for this quarter 24 24 Deferred amount of the employee share of social security tax included on line 13b 25 25 Reserved for future use May we speak with your third-party designee? Do you want to allow an employee, a paid tax preparer, or another person to discuss this return with the IRS? See the instructions for details Part 4: O Yes. Designee's name and phone number Select a 5-digit personal identification number (PIN) to use when talking to the IRS. No. Part 5: Sign here. You MUST complete all three pages of Form 941 and SIGN it. Under penalties of perjury, I deciare that I have examined this retum, including accompanying schedules and statements, and to the best of my knowledge and bellef, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Print your name here Sign your name here Print your title here Date Best daytime phone Paid Preparer Use Only Check if you're self-employed Preparer's name PTIN Preparer's signature Date Firm's name (or yours if self-employed) EIN Address Phone City State ZIP code Page 3 Form 941 (Re. 7-20 (Use for Problem 16.) Form 941-V, Payment Voucher Purpose of Form Complete Form 941-V if you're making a payment with Form 941. We will use the completed voucher to credit your payment more promptly and accurately, and to improve our service to you.L Making Payments With Form 941 To avoid a penalty, make your payment with Form 941 only if: • Your total taxes after adjustments and nonrefundable credits (Form 941, line 12) for either the current quarter or the preceding quarter are less than $2,500, you didn't incur a $100,000 next-day deposit obligation during the current quarter, and you're paying in full with a timely filed return; or DRAFT August 28,2020 2O NO Specific Instructions Box 1-Employer identification number (ElIN). If you don't have an EIN, you may apply for one online by visiting the IRS website at wwww.rs.gov/EN. You may also apply for an EIN by faxing or malling Form SS-4 to the IRS. If you havent received your EIN by the due date of Form 941. write "Applied Forand the date you applied in this entry space. Box 2-Amount paid. Enter the amount paid with Form 941. Box 3-Tax period. Darken the circle identifying the quarter for which the payment is made. Darken only one circle. Box 4-Name and address. Enter your name and address as shown on Form 941. • Enclose your check or money order made payable to "United States Treasury Be sure to enter your EIN, "Form 941," and the tax períod (" 1st Quarter 2020," "2nd Quarter 2020," "3rd Quarter 2020," or "4th Quarter 2020") on your check or money order. Don't send cash. Don't staple Form 941-V or your payment to Form 941 (or to each other). • Detach Form 941-V and send it with your payment and Form 941 to the address in the Instructions for Form 941. • You're a monthly schedule depositor making a payment in accordance with the Accuracy of Deposits Rule. See section 11 of Pub. 15 for details. In this case, the amount of your payment may be $2,500 or more. Otherwise, you must make deposits by electronic funds transfer. See section 11 of Pub. 15 for deposit instructions. Don't use Form 941-V to make federal tax deposits. Use Form 941-V when making any payment with Form 941. However, if you pay an amount with Form 941 that should've been deposited, you may be subject to a penalty. See Deposit Penalties in section 11 of Pub. 15. CAUTION Note: You must also complete the entity information above Part 1 on Form 941. Detach Here and Mail With Your Payment and Form 941. OMB No. 1545-0029 !941-V Payment Voucher 2020 Don't staple this voucher or your payment to Form 941. Department of the Treasury Internal Revenue Service Dollars Cents 1 Enter your employer identification number (EIN). Enter the amount of your payment. Make your check or money order payable to "United States Treasury" 4 Enter your business name (Individual name if sole proprietor). 3 Tax Period 3rd Quarter 1st Enter your address. Quarter 4th Enter your clty, state, and ZIP oode; or your city, foreign country name, foreign province/county, and forelgn postal oode. 2nd Quarter Quarter 16. Form 941. (Obj. 6) During the third quarter of 2020, the Fillmore Restaurant (EIN 93- 0530660) located at 244 North Second Street, Fillmore, New York 14735-0022, withheld income and social security taxes from its five employees. It withheld income taxes of $3,117 from employees' wages and tips of $15,570. In addition, Fillmore withheld $912.95 of social security taxes on $14,725 of social security wages, and $52.39 of social security taxes on $845 of social security tips. It also withheld $225.77 of Medicare taxes on $15,570 of Medicare wages. During the quarter, Fillmore electronically deposited income and employment taxes as follows: August 15, $1,833.52; September 15, $1,790.26; October 15, $1,875.43. Data for quarterly wages and reported tips of employees is as follows: Total Wages $ 7,025 3,000 2,000 1,200 1,500 $14,725 Social Security Wages $ 7,025 3,000 2,000 1,200 1,500 $14,725 Taxable Tips Reported $315 180 120 Name Barker, J. R. Duwe, H. K. Miller, M. M. Pressman, R. M. Smathers, H. H. 125 105 $845 Prepare the third quarter Form 941, Employer's QUARTERLY Federal Tax Return, for the Fillmore Restaurant, using the blank form provided on the pages that follow. Fillmore filed Form 941 and M. L. Wright, President, signed it on October 25, 2020. Form 941 for 2020: Employer's QUARTERLY Federal Tax Return Department of the Treasury-Internal Revenue Service 950120 OMB No. 1545-on99 Report for this Quarter of 2020 (Rev. July 2020) (Check one) Employer identification number (EIN) 1: January, February, March 2: April, May, June -DRAFT AS August 28, 2020 NOT FIL Name not your trade name) O 3: July, August, September Trade name f any) 4: October, November, December Go to www.irs.gov/Form941 for instructions and the latest information Address Number State City county Read the separate instructions before you complete Form 941. Type or print within the bexes. Number of employees who received wages, tips, or other compensation for the pay period including: Sept. 12 (Quarter 3) or Dec. 12 (Quarter 4) Part 1: Answer these questions for this quarter. 1. Wages, tips, and other compensation Federal income tax withheld from wages, tips, and other compensation O Check and go to line 8. If no wages, tips, and other compensation are subject to social security or Medicare tax Column 1 4 Column 2 x 0.124 = 5a Taxable social security wages x 0.062 = 5a () Qualified sick leave wages x 0.062 5a (i) Qualified family leave wages x 0.124 = 5b Taxable social security tips. x 0.029 = 5c Taxable Medicare wages & tips. 5d Taxable wages & tips subject to Additional Medicare Tax withholding x 0.009 = 5e 5e Total social security and Medicare taxes. Add Column 2 from lines 5a, 5ali), 5a(ii), 5b, 5c, and 5d 5f 5f Section 3121(a) Notice and Demand-Tax due on unreported tips (see instructions) Total taxes before adjustments. Add lines 3, 5e, and 5f Current quarter's adjustment for fractions of cents 8 8. Current quarter's adjustment for sick pay 6. Current quarter's adjustments for tips and group-term life insurance 10 10 Total taxes after adjustments. Combine lines 6 through 9 11a Qualified small business payroll tax credit for increasing research activities. Attach Form 8974 11a 11b Nonrefundable portion of credit for qualified sick and family leave wages from Worksheet 1 11b 11c Nonrefundable portion of employee retention credit from Worksheet 1 110 Nest >You MUST complete all three pages of Form 041 and SIGN It. For Privacy Aot and Paperwork Reduction Aot Notice, see the back of the Payment Voucher. Cat. No. 170012 Form 941 Ae. 7-2020 Name (not your trade name) Employer idenification number (EIN) 950220 Part 1: Answer these questions for this quarter. (continued) 11d Total nonrefundable credits. Add lines 11a, 11b, and 11c 11d 12 Total taxes after adjustments and nonrefundable credits. Subtract line 11d from line 10 12 13a 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 13a 13b Deferred amount of social security tax 136 ugust28, 28 DO NOT FIỆ 13c Refundable portion of credit for qualified sick and family leave wages from Worksheet 1 13d 13d Refundable portion of employee retention oredit from Worksheet 1 13d 13e Total deposits, deferrals, and refundable credits. Add lines 13a, 13b, 13c, and 13d 13e 131 Total advances received from filing Form(s) 7200 for the quarter 131 13g Total deposits, deferrals, and refundable credits less advances. Subtract line 13f from line 13e 13g 14 Balance due. If line 12 is more than line 13g, enter the difference and see instructions 14 15 Overpayment. If line 13g is more than line 12, enter the difference Check one: Apply to next refum. Send a refund. Part 2: Tell us about your deposit schedule and tax liability for this quarter. If you're unsure about whether you're a monthly schedule depositor or a semiweekly schedule depositor, see section 11 of Pub. 15. 16 Check one: O Line 12 on this return is less than $2,500 or line 12 on the return for the prior quarter was less than $2,500, $100,000 next-day deposit obligation during the current quarter. If line 12 for the prior and you didn't incur quarter was less than $2,500 but line 12 on this return is $100,000 or more, you must provide a record of your federal tax liability. If you're a monthly schedule depositor, complete the deposit schedule below; if you're a semiweekly schedule depositor, attach Śchedule B (Form 941). Go to Part 3. You were a monthly schedule depositor for the entire quarter. Enter your tax liability for each month and total liability for the quarter, then go to Part 3. Tax liability: Month 1 Month 2 Month 3 Total liability for quarter Total must equal line 12. You were a semiweekly schedule depositor for any part of this quarter. Complete Schedule B (Form 941), Report of Tax Liability for Semiweekly Schedule Depositors, and attach it to Form 941. Go to Part 3. Next You MUST complete all three pages of Form 941 and SIGN it. Page 2 Form 941 (Rev. 7-2020) (Use for Problem 16.) 952920 Employer identification number (EIN) Name (not your trade name) Tell us about your business. If a question does NOT apply to your business, leave it blank. Check here, and Part 3: DRAEL ASOE August 28, 2 DO NOT FIE 17 If your business has closed or you stopped paying wages : also attach a statement to your return. See instructions. enter the final date you paid wages If you're a seasonal employer and you don't have to file a return for every quarter of the year 19 Check here. 18 19 Qualified health plan expenses allocable to qualified sick leave wages 20 20 Qualified health plan expenses allocable to qualified family leave wages 21 Qualified wages for the employee retention credit 22 Quallfied health plan expenses allocable to wages reported on line 21. 23 23 Credit from Form 5884-C, line 11, for this quarter 24 24 Deferred amount of the employee share of social security tax included on line 13b 25 25 Reserved for future use May we speak with your third-party designee? Do you want to allow an employee, a paid tax preparer, or another person to discuss this return with the IRS? See the instructions for details Part 4: O Yes. Designee's name and phone number Select a 5-digit personal identification number (PIN) to use when talking to the IRS. No. Part 5: Sign here. You MUST complete all three pages of Form 941 and SIGN it. Under penalties of perjury, I deciare that I have examined this retum, including accompanying schedules and statements, and to the best of my knowledge and bellef, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Print your name here Sign your name here Print your title here Date Best daytime phone Paid Preparer Use Only Check if you're self-employed Preparer's name PTIN Preparer's signature Date Firm's name (or yours if self-employed) EIN Address Phone City State ZIP code Page 3 Form 941 (Re. 7-20 (Use for Problem 16.) Form 941-V, Payment Voucher Purpose of Form Complete Form 941-V if you're making a payment with Form 941. We will use the completed voucher to credit your payment more promptly and accurately, and to improve our service to you.L Making Payments With Form 941 To avoid a penalty, make your payment with Form 941 only if: • Your total taxes after adjustments and nonrefundable credits (Form 941, line 12) for either the current quarter or the preceding quarter are less than $2,500, you didn't incur a $100,000 next-day deposit obligation during the current quarter, and you're paying in full with a timely filed return; or DRAFT August 28,2020 2O NO Specific Instructions Box 1-Employer identification number (ElIN). If you don't have an EIN, you may apply for one online by visiting the IRS website at wwww.rs.gov/EN. You may also apply for an EIN by faxing or malling Form SS-4 to the IRS. If you havent received your EIN by the due date of Form 941. write "Applied Forand the date you applied in this entry space. Box 2-Amount paid. Enter the amount paid with Form 941. Box 3-Tax period. Darken the circle identifying the quarter for which the payment is made. Darken only one circle. Box 4-Name and address. Enter your name and address as shown on Form 941. • Enclose your check or money order made payable to "United States Treasury Be sure to enter your EIN, "Form 941," and the tax períod (" 1st Quarter 2020," "2nd Quarter 2020," "3rd Quarter 2020," or "4th Quarter 2020") on your check or money order. Don't send cash. Don't staple Form 941-V or your payment to Form 941 (or to each other). • Detach Form 941-V and send it with your payment and Form 941 to the address in the Instructions for Form 941. • You're a monthly schedule depositor making a payment in accordance with the Accuracy of Deposits Rule. See section 11 of Pub. 15 for details. In this case, the amount of your payment may be $2,500 or more. Otherwise, you must make deposits by electronic funds transfer. See section 11 of Pub. 15 for deposit instructions. Don't use Form 941-V to make federal tax deposits. Use Form 941-V when making any payment with Form 941. However, if you pay an amount with Form 941 that should've been deposited, you may be subject to a penalty. See Deposit Penalties in section 11 of Pub. 15. CAUTION Note: You must also complete the entity information above Part 1 on Form 941. Detach Here and Mail With Your Payment and Form 941. OMB No. 1545-0029 !941-V Payment Voucher 2020 Don't staple this voucher or your payment to Form 941. Department of the Treasury Internal Revenue Service Dollars Cents 1 Enter your employer identification number (EIN). Enter the amount of your payment. Make your check or money order payable to "United States Treasury" 4 Enter your business name (Individual name if sole proprietor). 3 Tax Period 3rd Quarter 1st Enter your address. Quarter 4th Enter your clty, state, and ZIP oode; or your city, foreign country name, foreign province/county, and forelgn postal oode. 2nd Quarter Quarter
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Advanced Financial Accounting
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