The first quarter tax return needs to be filed for Prevosti Farms and Sugarhouse by April 15,
Question:
The first quarter tax return needs to be filed for Prevosti Farms and Sugarhouse by April 15, 2021. For the taxes, assume the second February payroll amounts were duplicated for the March 5 and March 19 payroll periods, and the new benefit elections went into effect as planned. The form was completed and signed on April 9, 2021.
Federal | FICA | |
---|---|---|
Benefit Information | Exempt | |
Health Insurance | Yes | Yes |
Life Insurance | Yes | Yes |
Long-term Care | Yes | Yes |
FSA | Yes | Yes |
401(k) | Yes | No |
Gym | No | No |
Owner's name: Toni Prevosti
Address: 820 Westminster Road, Bridgewater, VT 05520.
Phone: 802-555-3456
Number of employees: 8
Gross quarterly wages (Exclusive of Fringe benefits): $37,218.97
Federal income tax withheld: $1,117.00
401(k) contributions: $1,488.76
Section 125 withheld: $4,838.00
Gym membership: $90.00
Monthly Deposits | Amount |
---|---|
Month 1 | $ 0.00 |
Month 2 | $ 2,605.33 |
Month 3 | $ 3,466.01 |
Required:
Complete Form 941 for Prevosti Farms and Sugarhouse. Prevosti Farms and Sugarhouse was assigned EIN 22-6654454.
Payroll Accounting 2019
ISBN: 978-1259917073
5th edition
Authors: Jeanette Landin, Paulette Schirmer