Scenario 2 - Hollings Enterprises

Use the information given below to prepare a 2023 Form 941, Quarterly Federal Tax Return, for Hollings Enterprises.

Larry Hollings operates Hollings Enterprises, a factory located at 1818 Farm Road, Your City, Your State - Your Zip. His EIN is 10-9999999. He made the following payments to six people between April 1 and June 30. He pays his employees on the 27th of each month. The total payroll is the same each month. Don is an independent contractor. Larry files and pays taxes on a monthly deposit schedule. Larry is the President and CEO of the company. His phone number is 555-555- 5533.

The preparer's PTIN is P55555555, and the firm's name is Professional Preparers, Inc. The EIN is 55-5555555. The firm address is 1040 Uncle Sam Loop, Your City, Your State - Your Zip. The firm's phone number is 555-555-5555.

Employee's Name	Quarterly Wage Total	Quarterly Social Security	Quarterly Medicare	Quarterly FIT	Quarterly State	Quarterly Net Pay
Hector	$1,500.00			$120.00	$ 30.00
Julian	$1,500.00			$120.00	$ 30.00
Debbie	$1,500.00			$120.00	$ 30.00
Ronald	$1,500.00			$120.00	$ 30.00
Maureen	$ 900.00			$ 0.00	$ 12.00
Don	$1,500.00			$ 0.00	$ 0.00
Total	$6,900.00			$480.00	$132.00

Mr. Hollings made the following tax deposit payments:

April 15 May 15 June 15

$515.00 $515.00 $515.00

Mr. Hollings wants an overpayment (if any) applied to the next return. Mr. Hollings has not appointed a third-party designee.

7. Answer the following question based on Scenario 2. What is the amount of overpayment for this quarter?

a) $1,535.70

b) $1,545.00

c) $ 9.30

d) $ 489.30