Complete Form 941 for the 1st quarter of 2020 for Bouncing Babies Co. (employer identification #33-3333333). Assume that Bouncing Babies Co. (located at 91 Bayberry Avenue, Bato LA 70714) chooses to complete and mail Form 941 on the due date. Based on the lookback period, Bouncing Babies Co. is a monthly depositor. Assume that all necessary deposits v on a timely basis and that the employer made deposits equal to the total amount owed for the quarter. All 32 employees worked during each of the three months, and the company elec its accountant (William Gordon, telephone #225-555-7846, Pin #83463) to discuss the form with the IRS. Additionally, Mr. Gordon signs the form, and no employee is subject to Addition Medicare Tax during the quarter. First quarter earnings and associated taxes withheld from employee earnings are as follows. Notes: • For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. January Taxes February Taxes March Taxes 1st Quarter Earnings FWT $12,400.00 $12,720.00 $12,120.00 $331,200 Social Security $7,579.50 $7,240.36 $7,990.13 $367,903

Complete Form 941 for the 1st quarter of 2020 for Bouncing Babies Co. (employer identification #33-3333333). Assume that Bouncing Babies Co. (located at 91 Bayberry Avenue, Bato LA 70714) chooses to complete and mail Form 941 on the due date. Based on the lookback period, Bouncing Babies Co. is a monthly depositor. Assume that all necessary deposits v on a timely basis and that the employer made deposits equal to the total amount owed for the quarter. All 32 employees worked during each of the three months, and the company elec its accountant (William Gordon, telephone #225-555-7846, Pin #83463) to discuss the form with the IRS. Additionally, Mr. Gordon signs the form, and no employee is subject to Addition Medicare Tax during the quarter. First quarter earnings and associated taxes withheld from employee earnings are as follows. Notes: • For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. January Taxes February Taxes March Taxes 1st Quarter Earnings FWT $12,400.00 $12,720.00 $12,120.00 $331,200 Social Security $7,579.50 $7,240.36 $7,990.13 $367,903

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter4: Income Tax Withholding

Section: Chapter Questions

Problem 12PA

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