Module 5 Assignment - Part 3

Smee and CO (EIN 35-4444444) has 3 employees during the 4^th quarter. Everyone is paid weekly. Katia earns $25/hour and David earns $32/hour. They work 40 hours per week for 13 weeks in the quarter (assume Dec. has the 5^th week). Jeremy is salaried and will have a gross pay of $3,890 this pay period. Each employee has worked the entire year with no changes in pay or payroll deductions.

The following federal withholdings are deducted each pay. Assume no state or county withholdings for this part of the problem.

Katia $ 75

David $ 110

Jeremey $ 335

The following additional withholdings are deducted each pay

401K Medical Prem. Flexible Sp. United Way donation Child Support

Katia 0 75 55 35 0

David 95 105 75 0 0

Jermey 340 120 80 100 360

1. What is line 2 of Form 941 for QTR 4?

2. What is line 3 of Form 941 for the 4th quarter?

3. When determining line 5a column 1, how much Social Security taxable income did David earn?

4. When determining line 5a column 1, how much Social Security taxable income did Jeremy earn?

5. What is line 5c column 1 (taxable wages) for the 4th quarter on Form 941?

6. What was the tax liability for Month 1 on line 16 of Form 941?

*round to the nearest penny*

7. To determine the liability for Month 2 on line 16 of Form 941, how much total Social Security liability came from Katina's earnings?

*round to the nearest penny*

8. To determine the liability for Month 2 on line 16 of Form 941, how much total Social Security liability came from Jeremy's earnings?

*round to the nearest penny*

9. What was the tax liability for Month 3 on line 16 of Form 941?

*round to the nearest penny*