Assume the following data for Blossom Tattoo Parlor for the quarter ended September 30. • Number of employees for third quarter: 7 • Gross earnings $65,823.60 • Employee FICA taxes $5,038.96 • Federal income tax $13,746.80 • State income tax $2,099.20 • Employer FICA taxes $5,037.96 • Federal unemployment tax $18.70 • State unemployment tax $151.12 • Monthly federal income tax and FICA tax liability: July $8,797.72, August $8,077.33, and September $6,916.60 • Federal income tax and FICA tax total monthly deposits for third quarter: $24,197.10 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. $enter a dollar amount rounded to 2 decimal places Line 5a (Column 2): Taxable Social Security wages. $enter a dollar amount rounded to 2 decimal places Line 5c (Column 2): Taxable Medicare wages and tips. $enter a dollar amount rounded to 2 decimal places Line 6: Total taxes before adjustments. $enter a dollar amount rounded to 2 decimal places Line 11: Total deposits for this quarter. $enter a dollar amount rounded to 2 decimal places Line 12: Balance due. $enter a dollar amount rounded to 2 decimal places Line 13: Overpayment. $enter a dollar amount rounded to 2 decimal places

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 4E

See similar textbooks

Related questions

Question

Assume the following data for Blossom Tattoo Parlor for the quarter ended September 30.

•		Number of employees for third quarter: 7
•		Gross earnings $65,823.60
•		Employee FICA taxes $5,038.96
•		Federal income tax $13,746.80
•		State income tax $2,099.20
•		Employer FICA taxes $5,037.96
•		Federal unemployment tax $18.70
•		State unemployment tax $151.12
•		Monthly federal income tax and FICA tax liability: July $8,797.72, August $8,077.33, and September $6,916.60
•		Federal income tax and FICA tax total monthly deposits for third quarter: $24,197.10

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.		$enter a dollar amount rounded to 2 decimal places
Line 5a (Column 2): Taxable Social Security wages.		$enter a dollar amount rounded to 2 decimal places
Line 5c (Column 2): Taxable Medicare wages and tips.		$enter a dollar amount rounded to 2 decimal places
Line 6: Total taxes before adjustments.		$enter a dollar amount rounded to 2 decimal places
Line 11: Total deposits for this quarter.		$enter a dollar amount rounded to 2 decimal places
Line 12: Balance due.		$enter a dollar amount rounded to 2 decimal places
Line 13: Overpayment.		$enter a dollar amount rounded to 2 decimal places

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Federal Insurance Contributions Act (FICA)

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions