Wages paid for the second quarter for Ivanhoe Law Firm were $59,000.00. All wages were subject to FICA taxes (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Federal income taxes withheld were $6,820.00. When Ivanhoe files Form 941, what amount should be reported on the following lines of the form? (Round answers to 2 decimal places, e.g. 52.75.) Line 3: Federal income tax withheld. $ Columns 1 Columns 2 Line 5a: Taxable social security wages $ $ Line 5c: Taxable medicare wages and tips $ $
Wages paid for the second quarter for Ivanhoe Law Firm were $59,000.00. All wages were subject to FICA taxes (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Federal income taxes withheld were $6,820.00. When Ivanhoe files Form 941, what amount should be reported on the following lines of the form? (Round answers to 2 decimal places, e.g. 52.75.) Line 3: Federal income tax withheld. $ Columns 1 Columns 2 Line 5a: Taxable social security wages $ $ Line 5c: Taxable medicare wages and tips $ $
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 2E
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Wages paid for the second quarter for Ivanhoe Law Firm were $59,000.00. All wages were subject to FICA taxes (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Federal income taxes withheld were $6,820.00. When Ivanhoe files Form 941, what amount should be reported on the following lines of the form? (Round answers to 2 decimal places, e.g. 52.75.)
Line 3: Federal income tax withheld. | $ |
Columns 1 | Columns 2 | |||
Line 5a: Taxable social security wages | $ | $ | ||
Line 5c: Taxable medicare wages and tips | $ | $ |
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