Answered: Complete Schedule B of Form 941 on page…

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

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter3: Social Security Taxes

Section: Chapter Questions

Problem 15PB

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Question

The taxable wages and withheld taxes for Hamilton Company (EIN 00-0001462), semiweekly depositor, for the first quarter of 20-- follow. Hint: To calculate liability for each date, multiply gross wages by FICA rate [to get employer's share of FICA]. Then add employee's withholding OASDI, HI and FIT.

Semimonthly Paydays	Gross and Taxable Wages	FICA Withheld OASDI	FICA Withheld HI	Federal Income Tax Withheld
1/15		$34,200			$2,120.40	$495.90	$4,180.00
1/31		32,900			2,039.80	477.05	4,090.00
2/15		31,750			1,968.50	460.38	3,996.00
2/28		28,970			1,796.14	420.07	3,797.00
3/15		28,800			1,785.60	417.60	3,790.00
3/29		29,400			1,822.80	426.30	3,999.00
		$186,020			$11,533.24	$2,697.30	$23,852.00

a. Complete Schedule B of Form 941 on page 3-65 for the first quarter for Harry Conway, the owner of Hamilton Company. If a box does not require an amount, leave it blank. Round your answers to the nearest cent.

Schedule B (Form 941):

Report of Tax Liability for Semiweekly Schedule Depositors

^{(Rev. January 2017)}

^{Department of the Treasury — Internal Revenue Service}

Employer identification number (EIN)

–

0001462

Name (not your trade name)

HARRY CONWAY

Calendar year

20--

(Also check quarter)

_{OMB No. 1545-0029}

Report for this Quarter...
(Select one.)

January, February, March

Use this schedule to show your TAX LIABILITY for the quarter; don't use it to show your deposits. When you file this form with Form 941 or Form 941-SS, don't change your tax liability by adjustments reported on any Forms 941-X or 944-X. You must fill out this form and attach it to Form 941 or Form 941-SS if you're a semiweekly schedule depositor or became one because your accumulated tax liability on any day was $100,000 or more. Write your daily tax liability on the numbered space that corresponds to the date wages were paid. See Section 11 in Pub. 15 for details.

Month 1
1	9	17	25	Tax liability for Month 1
2	10	18	26
3	11	19	27
4	12	20	28
5	13	21	29
6	14	22	30
7	15	23	31

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