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For the third quarter of the year, Johnson Company, 415 Circle Avenue, Chicago, Illinois 60652, received Form 941 from the Internal Revenue Service. The identification number of Johnson Company is 91-4213171. Its payroll for the quarter ended September 30 is as follows: The company has had six employees throughout the year. Assume that the FICA Social Security (employer) rate is 6.2 percent, the FICA Social Security (employee) rate is 6.2 percent on the first $118,500, and the Medicare tax is 1.45 percent of all earnings. The employer matches the employees’ FICA Medicare taxes. There are no taxable tips, adjustments, backup withholding, or earned income credits. Johnson Company has submitted the following federal tax deposits and written the accompanying checks: Required Complete Part 1 of Form 941 for the third quarter for Johnson Company.

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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 8, Problem 3PA
Textbook Problem

For the third quarter of the year, Johnson Company, 415 Circle Avenue, Chicago, Illinois 60652, received Form 941 from the Internal Revenue Service. The identification number of Johnson Company is 91-4213171. Its payroll for the quarter ended September 30 is as follows:

Chapter 8, Problem 3PA, For the third quarter of the year, Johnson Company, 415 Circle Avenue, Chicago, Illinois 60652, , example  1

The company has had six employees throughout the year. Assume that the FICA Social Security (employer) rate is 6.2 percent, the FICA Social Security (employee) rate is 6.2 percent on the first $118,500, and the Medicare tax is 1.45 percent of all earnings. The employer matches the employees’ FICA Medicare taxes. There are no taxable tips, adjustments, backup withholding, or earned income credits. Johnson Company has submitted the following federal tax deposits and written the accompanying checks:

Chapter 8, Problem 3PA, For the third quarter of the year, Johnson Company, 415 Circle Avenue, Chicago, Illinois 60652, , example  2

Required

Complete Part 1 of Form 941 for the third quarter for Johnson Company.

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Chapter 8 Solutions

College Accounting (Book Only): A Career Approach
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