Number of employees at the beginning of the year: 8
Number of employees for fourth quarter: 10
Gross earnings $9170000
All employees made over 57,000 in their first quarter of employment, including the two new employees hired in the fourth quarter
Employee FICA taxes $7,015.05 (all wages are subject to Social Security tax)
Federal income tax $19,360.00
State income tax $25,680,00
Employer FICA taxes $7,015.05
Federal unemployment tax $84.00 (only $14,000 of wages are subject to FUTA in the fourth quarter)
State unemployment tax $756.00 (only $14,000 of wages are subject to SUTA in the fourth quarter)
Monthly federal income tax and FICA tax liability; October $4,729.54, November $5,920.76, and December $6,584,54
Federal income tax and FICA tax total monthly deposits for fourth quarter: $15,484.23
FUTA deposits for the year $336.00
(a)
Your Answer
Correct Answer
Your answer is partially correct. What amounts would be entered on Form 941 for the following line items? (Round answers to 2 decimal places, e.g. 52.75)
Line 3: Federal income tax withheld. $
Line 5a: Taxable social security wages. $
Line 5c: Taxable medicare wages and tips. $
Line 6: Total taxes before adjustments. $
Line 11: Total deposits for this quarter. $ (1548423)/(5)
Line 12: Balance due. $
Line 13 is: Overpayment.
eTextbook and Media Solution
Q Attempts: 3 of 3 used Question Part Score
(3.43)/(12)
(b) Line 3: Total payments to all employees.
Line 4: Payments exempt from FUTA tax
Line 5: Total of payments made to each employee in excess of $7,000
Line 7: Total taxable FUTA wages
Line 8: FUTA tax before adjustments
Line 13: FUTA tax deposited for the year, including any overpayment applied from a prior year.
Line 14: Balance due.
Line 15: Overpayment.
Line 16a: 1st quarter
Line 16b: 2nd quarter
Line 16c: 3rd quarter
Line 16d: 4th quarter.
Line 17: Total tax liability for the year.
