Part 2: Tell us about your deposit schedule and tax liability for this quarter.If you are unsure about whether you are a monthly schedule depositor or a semiweekly schedule depositor, see section 11of Pub. 15.16 Check one:O Line 12 on this return is less than $2,500 or line 12 on the return for the prior quarter was less than $2,500, and you didn'tincur a $100,000 next-day deposit obligation during the current quarter. If line 12 for the prior quarter was less than $2,500 butline 12 on this return is $100,000 or more, you must provide a record of your federal tax liability. If you are a monthly scheduledepositor, complete the deposit schedule below; if you are a semiweekly schedule depositor, attach Schedule B (Form 941). Go toPart 3.O You were a monthly schedule depositor for the entire quarter. Enter your tax liability for each month and total liability for thequarter, then go to Part 3.Tax liability: Month 1Month 2Month 3Total liability for quarterTotal must equal line 12.O You were a semiweekly schedule depositor for any part of this quarter. Complete Schedule B (Form 941),Report of Tax Liability for Semiweekly Schedule Depositors, and attach it to Form 941. Complete Form 941 for the 2nd quarter of 2020 for Smith's Distributing Co. (employer identification #11-3333333). Assume that Smith's Distributing (located at 819 Main Street, Fremont, CA94538) chooses to complete and mail Form 941 on the due date. Based on the lookback period, Smith's Distributing is a monthly depositor. Assume that all necessary deposits were made on atimely basis and that the employer made deposits equal to the total amount owed for the quarter. All five employees worked during each of the three months, and the company does not choose toallow a third party to discuss the form with the IRS. Note that the form is signed by the company's president, Juan Wilhelm (telephone #510-555-8293). Second quarter earnings, and associatedtaxes 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.April Taxes May Taxes June Taxes 2nd Quarter EarningsFWT$930.00$885.00$905.00$12,920Social Security $263.50$255.44$282.10$12,920Medicare$61.63$59.74$65.98$12,920

Employers use Form 941 to: Report income taxes, Social Security tax, or Medicare tax withheld from…

Part 2: Tell us about your deposit schedule and tax liability for this quarter. If you are unsure about whether you are a monthly schedule depositor or a semiweekly schedule depositor, see section 11 of Pub. 15. Line 12 on this return is less than $2,500 or line 12 on the return for the prior quarter was less than $2,500, and you didn't incur a $100,000 next-day deposit obligation during the current quarter. If line 12 for the prior quarter was less than $2,500 but 16 Check one: line 12 on this return is $100,000 or more, you must provide a record of your federal tax liability. If you are a monthly schedule depositor, complete the deposit schedule below, if you are a semiweekly schedule depositor, attach Schedule B (Form 941). Go to Part 3. You were a monthly schedule depositor for the entire quarter. Enter your tax liability for each month and total liability for the quarter, then go to Part 3. Tax liability: Month 1 Month 2 Month 3 Total liability for quarter Total must equal line 12. You were a semiweekly schedule depositor for any part of this quarter. Complete Schedule B (Form 941), Ronort of Tay Liability for SomiuKookly Schodulo Donocitors and attach it to Corm 041

Part 2: Tell us about your deposit schedule and tax liability for this quarter. If you are unsure about whether you are a monthly schedule depositor or a semiweekly schedule depositor, see section 11 of Pub. 15. Line 12 on this return is less than $2,500 or line 12 on the return for the prior quarter was less than $2,500, and you didn't incur a $100,000 next-day deposit obligation during the current quarter. If line 12 for the prior quarter was less than $2,500 but 16 Check one: line 12 on this return is $100,000 or more, you must provide a record of your federal tax liability. If you are a monthly schedule depositor, complete the deposit schedule below, if you are a semiweekly schedule depositor, attach Schedule B (Form 941). Go to Part 3. You were a monthly schedule depositor for the entire quarter. Enter your tax liability for each month and total liability for the quarter, then go to Part 3. Tax liability: Month 1 Month 2 Month 3 Total liability for quarter Total must equal line 12. You were a semiweekly schedule depositor for any part of this quarter. Complete Schedule B (Form 941), Ronort of Tay Liability for SomiuKookly Schodulo Donocitors and attach it to Corm 041

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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