Question: CPP 6-1 Complete 4th Quarter and Year-End Payroll Reporting (#2) Complete Form 941 for the 4th quarter for TCLH Industries (Employer Identification #44-4444444), which is
CPP 6-1 Complete 4th Quarter and Year-End Payroll Reporting (#2)
Complete Form 941 for the 4th quarter for TCLH Industries (Employer Identification #44-4444444), which is located at 202 Whitmore Avenue, Durham, NC 27701. Assume that all necessary deposits were made on a timely basis (new businesses in their first year of operations are automatically monthly depositors) and that the employer made deposits equal to the total amount owed for the quarter. The company had four pay periods in both October and November and five pay periods in December. The company does not have a third-party designee, nor does it use a paid preparer. All forms are signed by the CEO of the company, Michael Sierra (telephone number: 919-555-7485), and the form is submitted on the due date.
Notes:
- For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
- Remember, the Additional Withholding amount for Michael Sierra is comprised of flexible spending account contributions. Consider whether these are taxable when completing the necessary forms and calculations.
Step by Step Solution
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To complete Form 941 for the 4th quarter for TCLH Industries multiple entries and calculations are needed Heres a detailed stepbystep explanation on how you can fill out Form 941 based on the given information StepbyStep Instructions 1 Identification and Basic Information Employer Identification Number EIN 444444444 Company Name TCLH Industries Address 202 Whitmore Avenue Durham NC 27701 Reporting Period 4th Quarter Signature CEO Michael Sierra Telephone Number 9195557485 2 Wages Tips and Other Compensation Collect the total wages paid for October November and December 3 Federal Income Tax Withheld Determine the total amount of federal income tax withheld from employees wages for the quarter 4 Social Security and Medicare Taxes Calculate the taxable social security wages and the corresponding tax Calculate the taxable Medicare wages and the corresponding tax 5 Adjustments for Fractions of Cents Sick Pay Tips and GroupTerm Life Insurance Adjust for any fractions of cents sick pay tips and groupterm life insurance over 50000 as needed 6 Tax Liability for the Quarter Ensure total taxes due are calculated correctly and match the deposits made Form Outline html Form 941 Employers QUARTERLY Federal Tax Return 1 Employer Identification Number EIN 444444444 2 Employers name TCLH Industries 3 Trade name if any Not Applicable 4 Address 202 Whitmore Avenue Durham NC 27701 5 Report for this Quarter of 2023 Check the appropriate box 1 January February March 2 April May June 3 July August September X 4 October November December Part 1 Answer these questions for this quarter 1 Number of employees who received wages tips or other compensation for the pay period including Dec 12 Enter the number of employees 2 Wages tips and other compensation Enter the total wages tips and other compensation paid 3 Federal income tax withheld from wages tips and other compensation 5a Taxable social security wages Enter the amount Multiply by 0124 and enter the tax amount 5c Taxable Medicare wages and tips Enter the amount Multiply by 0029 and enter the tax amount Part 2 Deposit schedule and tax liability for this quarter 16 Total taxes after adjustments and credits Total of lines 10 11 12 13 and 14 17 Total deposits for this quarter including overpayment applied from a prior quarter and overpaid amount applied to this return Part 3 Tell us about your business Answer applicable questions on the form Part 4 May we speak with your thirdparty designee Check No Sign here Sign the form Michael Sierra CEO Phone Number 9195557485 Calculations for Specific Lines Social Security Tax Total Social Security Wages 0124 Medicare Tax Total Medicare Wages 0029 Ensure that all wages and taxes are correctly calculated and rounded to two decimal places as specified For the specifics of the wages and tax withheld you would need the actual payroll data for each pay period in October November and December which are assumed to be given in ... View full answer
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