Chpt3Objective3

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School

Grand Canyon University *

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105

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Accounting

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Feb 20, 2024

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docx

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Uploaded by MegaKnowledge1633

Cruz Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 20--. Using the information presented below, complete Part 1 of Form 941.  # of employees for pay period that included September 12 = 14 employees  Wages paid third quarter = $79,750.17  Federal income tax withheld in the third quarter = $9,570.00  Taxable social security and Medicare wages = $79,750.17  Total tax deposits for the quarter = $21,771.83 Note: Lines 5a 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 differences due to rounding may occur between this total and the total taxes withheld from employees each pay period and the amount of the employer's taxes calculated each pay period. This difference is reported on line 7 as a deduction or an addition as "Fractions of Cents." Hint: Line 7 instructions. Fill in Form 941 through line 6, and then fill in Part 2, line 16, Schedule B. Take that information and fill in line 10. Note that Lines 6 and 10 must equal. If the amounts are not the same, correct by entering amount to make equal on line 7. Line 7 differences are caused by how calculations are made on Form 941 and the amounts withheld from employee's earning plus the employer's payroll tax amounts each pay period. If an input box does not require an entry, leave it blank. When required, round amounts to the nearest cent.

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