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Chapter 3 A Problems Pg.7

Chapter 3 A Problems Pg.7 - DATEilfll"—-7 NAME...

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Unformatted text preview: DATEilfll"— -7 NAME bush/1711” 3-13A LO 5. Karen Kluster opened Lube and Wash on January 2, 2010. The (Parts 1 through 5), reproduced on pages 3—44 and 3—45, prepare, business is subject to FICA taxes. At the end of the first quarter of sign, and date the return on the basis of the information shown 2010, Kluster, as president of the company, must file Form 941, below. Employer’s Quarterly Federal Tax Return. Using Form 941 Employer’s address: 234 Oak, Austin, TX 7871 1-0234 Employer’s ID number: 61—1325874 Phone number: (512) 555—1111 Each employee is paid semimonthly on the 15th and last day of each month. Shown below is the payroll information for the first quarter of 2010. All pay periods were the same. PAYROLL INFORMATION FOR JAN UARY—MARCH Quarterly OASDI HI Federal Total Employee SSN Wage Tax Tax Income Tax Deductions Net Pay Paul Purson 384—10—7233 $ 4,590 $ 284.58 $ 66.56 $ 366 $ 717.14 $ 3,872.86 Matt Dirkson 345—90—8451 8,110 502.82 117.60 960 1,580.42 6,529.58 Joan Howard 52809-3668 8,500 527.00 123.25 1,080 1,730.25 6,769.75 Dorrie Smith 766—43—6527 10,090 625.58 146.31 1,140 1,911.89 8,178.11 Totals 35 31,290 $ 1,939.98 $ 453.72 $ 3,546 $ 5,939.70 $ 25,350.30 Employer’s FICA taxes $1,940.10 $453.78 For the Quarter OASDI H1 The total taxes per payday are: Employees’ FICA TaxioASDI $ 323.33 Employer’s FICA Tax—OASDI 323.35 Employees’ FICA Tax—HI 75.62 Employer’s FICA TaxfiHI 75.63 Employees’ FIT Tax 591.00 Total $1,388.93 X 6 deposits =$8,333.58 for the quarter None of the em 10 ees re orted ti 3 durin the P Y P g quarter. No advance earned income credlt (BIC) payments were made to the workers. Note: Lines 50 and 5c of Form 941 , tax on total taxable wages, are computed by multiplying by the combined tax rate For both employer and employee. Small dil'lerences due to rounding may occur between this total and the total taxes withheld From employees each pay period and the amount oF the employei’s taxes calculated each pay period. This diHerenee is reported on line 70 as a deduction or an addition as “Fractions of Cents." 3-43 ...
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