941, SUTA and 940 Tax Return Preparation

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941, SUTA and 940 Tax Return Preparation




Ingram Heating & Cooling reports the following earnings and deductions for their employees for
the 1st quarter of the year:
		Total	Federal			State	City	Total	Net
	SS #	Earnings	Inc. Tax	OASDI	HI	Inc. Tax	Inc. Tax	Deductions	Pay
Roy Bell	123-45-6789	10489.00	1211.00	650.32	152.09	187.20	220.27	2420.88	8068.12
Karl Radek	234-56-7890	10477.00	1209.00	649.57	151.92	228.67	220.02	2459.18	8017.82
Marie Rossi	345-67-8900	10695.00	1131.00	663.09	155.08	191.49	224.60	2365.26	8329.74
John Scott	456-78-9999	10258.00	1170.00	636.00	148.74	228.67	215.42	2398.83	7859.17

1st quarter totals		41919.00	4721.00	2598.98	607.83	836.03	880.31	9644.15	32274.85


Requirements: Use the forms attached. Attach document with calculations for partial credit.
								Column1

1. Prepare the quarterly Form 941 (26 Points)
Monthly 941 liabilities:Jan. $ 3,565.10, Feb. $3,615.70, March $3,953.82
Monthly deposits for the quarter were: $3,556.10, Feb. $3,615.70, March $3,953.82
Do not worry about their EIN Number or Address.

2. Prepare the quarterly SUTA Form . See rate on form provided. (8 Points)


3. Prepare the annual Form 940. (16 Points)
Assume that the second, third, and fourth-quarter earnings are the same as the 1st qtr above for each employee.
Assume all Ohio SUTA contributions were made timely.
They did not make any FUTA deposits this year.

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Price theory and applications

Price theory and applications

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Posted Date: Jul 23, 2021 11:00 PM

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