Question: Bouncing Babies Co. (FEIN 33-3333333) is submitting form 941 for the 1 st quarter of 2021. The company is located at 91 Bayberry Avenue, Baton
Bouncing Babies Co. (FEIN 33-3333333) is submitting form 941 for the 1st quarter of 2021. The company is located at 91 Bayberry Avenue, Baton Rouge, LA 70714. Based on the lookback period, Bouncing Babies Co. is a monthly depositor. Assume that all necessary deposits were made on a timely basis and that the employer made deposits equal to the total amount owed for the quarter. All 32 employees worked during each of the three months, and the company elects to allow its accountant (William Gordon, telephone #225-555-7846, PIN #83463) to discuss the form with the IRS. Additionally, William signs the form, and no employee is subject to Additional Medicare Tax during the quarter. First quarter earnings and associated taxes withheld from employee earnings are as follows:
| January Taxes | February Taxes | March Taxes | 1st Quarter Earnings | |
| Federal Income | $12,400.00 | $12,720.00 | $12,120.00 | $331,200.00 |
| Social Security | $7,579.50 | $7,240.36 | $7,990.13 | $367,903.00 |
| Medicare | $1,772.63 | $1,693.31 | $1,868.66 | $367,903.00 |
complete form 941
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
Study Help